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Pre-Budget Report

In these serious and profoundly risky global times—witness the fate of Citigroup, the biggest financial institution in the world, in the United States today—I welcome the financial stimulus, which is the only option, and, in particular, the social initiatives that will help families, vulnerable groups and businesses. I welcomed the £37 billion recapitalisation of the banks, whereby the Government guaranteed the debts and liquidity, but there is still pessimism in that market. Alongside the October statement came a credit guarantee scheme. Will the banks ensure that it is used further, with Government support, so that lending to businesses indeed takes place and that money circulates, helping jobs and communities?