University helps ailing companies

The 10-point package includes giving vouchers to local businesses

Bosses at Newcastle University have unveiled a multi-million pound 10-point plan to support businesses through the economic downturn.

The crisis package includes bringing forward major building programmes to create more jobs and offering training support to struggling businesses.

Professor Paul Younger said money from their £350m annual budget would fund the project.

He said families and local companies urgently needed support.

Other initiatives include passing on savings from last year's cut in VAT and setting up a business voucher scheme where companies can receive up to £5,000 from the university.

Mr Younger added: "As we start the new year, a great deal of uncertainty still prevails over the global financial situation and many local businesses are finding it difficult to plan for the future.

"While the university already spends much of its annual budget of £350m with local companies, these uncertain times warrant a concerted effort.

"This package of measures is intended to help more local businesses, families and individuals weather the effects of the global economic downturn."