Accountancy name campaign gathers pace

News Article - 31 July 2008
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The $700 billion (£380 billion) rescue plan for the US economy has been approved by the country's senate by a vote of 74 to 25.

Sceptics were reportedly won over by additional measures to the original bill, such as tax relief for families and businesses, which were added after criticism that it favoured Wall Street bankers over ordinary people.

It will now go to the house of representatives, which had rejected the previous version on Monday by a vote of 228 to 205, prompting panic in stock markets worldwide.

US treasury secretary Henry Paulson was pleased with the news and said it would help restart business growth.

He said: "This sends a positive signal that we stand ready to protect the US economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going."

The news has buoyed the FTSE 100, which is currently up 0.82 per cent, although there was no positive effect on Asian markets with the Nikkei index in Japan finishing down 1.9 per cent and Australian stocks losing 0.6 per cent.

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