Firms that depend on external funds, such as bank loans or equity sales, are particularly vulnerable.

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Valuing saved barrels at the low end of credible estimates of their "external" cost could repay taxpayers' bailout loans, rebuild automakers' competitiveness, boost security and save carbon.

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In his Financial Times article Mr Lou goes on to call for what look like special terms for any investment in the UK. He asks for "pro-investment policies to create an attractive environment" including "reducing taxes and offering bank loans at discounted rates", and says governments seeking external investment "should relax regulatory restrictions".

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