£20bn boost for small firms

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The Business Secretary committed the Government to guarantee up to half of the sum, which will be made available by banks to entrepreneurs.

He also committed £50million to a fund which would see the Government taking stakes in small companies to help fund their development.

"This is about sustaining the credit lines which many businesses think are in danger," said Lord Mandelson.

David Frost, of the British Chambers of Commerce, however warned: "We've got to be careful we don't see getting more lending through to companies as being a panacea for all of the problems we have got at the moment."

The Prime Minister today drafted Mervyn Davies, chairman of Standard Chartered bank, into the Government to help tackle the economic crisis.

He is being made a peer and trade minister to replace former CBI chief Lord Jones.

Mr Davies played a key role in the Government's original bank bailout and is expected to take on a role as a banking minister.