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Vadera living in 'parallel universe'

Updated on 14 January 2009

By Gary Gibbon

The business minister says she sees a few "green shoots of recovery" while a further 6,000 jobs were lost or put at risk today.

Baroness Vadera said she was not predicting the end of the downturn, but the opposition parties were quick to accuse her of living in "a parallel universe".

Meanwhile, ministers have rolled out their plan to help small and medium sized businesses offering to guarantee up to £20bn worth of short-term loans.

Smaller companies can also apply for 10 year loans of up to £1m and the government has set up a £75m fund to buy equity in viable small firms whose debt is already too high.

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