Corby and East Northants MP Phil Hope, who is also regional minister for the East Midlands, joined forces with Exchequer Secretary to the Treasury Angela Eagle to explain how the Government and East Midlands Development Agency are supporting firms through the challenging economic circumstances.

The ministers and development agency chairman Dr Bryan Jackson launched a scheme which will see £1m made available in the next year for equipment.

Ms Eagle said: “I am aware of the difficulties that businesses and households in the region are facing due to the global economic uncertainties. Here in the East Midlands we are determined that the Government, along with regional and local agencies will work together to ensure businesses and households get the support they need.”

Dr Jackson said: “The first port of call for companies wanting support is Business Link and over the last two years, we have developed a professional independent advice service, tailored to respond to the challenges and queries raised by businesses.”

Nationally, the Government is adding £60m to the amount of lending banks can approve under the Small Firms Loan Guarantee Scheme.

Mr Hope said: “During these difficult times businesses need to be innovative and invest in skills in order to thrive – we can’t compete with emerging economies in terms of price, but we can beat them when it comes to the quality of our workforce.”