Star lathe is a fantastic piece of kit

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Govt package could aid precision engineering

Story added 14 January 2009.

In order to aid small and medium-sized businesses facing financial problems throughout the UK, the government has unveiled a package of measures which could help precision engineering firms.

A £1 billion fund will be made available and will enable loans to be guaranteed up to the value of £20 billion over the next 12 months.

Business minister Peter Mandelson said of the decision: "We know that some companies are struggling to secure the finance they need, not because of any failure in their business but due to the tougher credit conditions."

He hopes that firms will be helped by this during the recession, with many of them being put in a difficult position by reduced bank lending, including a number of precision engineering firms which Mr Mandelson believes are a cornerstone of future British manufacturing.

This month, the Labour Party used Mr Mandelson's image in creating a virtual space on internet community Second Life in an attempt to take the fight to the Conservative party online.

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