Liberal Democrat Finance spokesperson Jeremy Purvis MSP has called on the Scottish Government to secure financial aid from the European Investment Bank to help support small businesses.

So far the Scottish Government have only altered their budget by 0.3 per cent in response to the global financial crisis.

Speaking during a debate in the Scottish Parliament, Mr Purvis said:

“Across Scotland we are facing a tail end to the credit crunch that puts up to 40,000 jobs at risk.

“This unprecedented economic environment requires a radical response. So far the response from the Chancellor has been fifty shades of grey when what was needed was primary colours.

“One immediate action would be for the Scottish Government to move ahead urgently, as Finance Wales has done, to secure funding from the European Investment Bank for debt support for small and medium sized businesses.

"There has been silence on this proposal, where there has been bluster on everything else."