Summary
THE timing couldn't have been worse for a man who is widely regarded as a master of spin. On the same day as another 3,000 UK jobs were cut and it emerged that 100 smaller companies were going bust every 24 hours, Lord Mandelson unveiled radical measures to kick-start bank lending.
The Business Secretary would have hoped the multi-billion-pound package of loan guarantees and funding for cash-starved small and medium-sized businesses would be seen as an effective measure to limit the effects of the recession. Instead, his statement on Wednesday was overshadowed by even more economic doom and gloom and accusations that the Government was doing too little, too late and was out of touch.See the full content of this document
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Mandelson's announcement came as Barclays, Jaguar Land Rover and music retailer Zavvi all axed jobs. It coincided with the British Chambers of Commerce blaming a lack of available finance for a "frightening deterioration" in the economy towards the end of last year.
If that wasn't a bleak enough backdrop, within hours of the Government's package being unveiled, it was facing a backlash over a comment from Business Minister Baroness Vadera, a trusted a...See the full content of this document
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