Speaking to BBC Radio 4, the Prime Minister acknowledged that the lack of credit available to businesses was "a real, real problem" but expressed confidence that conditions would improve.

He said: "The injection of money into the economy and the cuts in interest rates and the support given to help people through these difficult times will have an effect."

Brown's comments come just days after the BoE slashed interest rates to a new historical low of 0.5% and announced plans to start injecting funds directly into the economy through the purchase of corporate debt and government bonds, a process known as quantitative easing, which begins today.

An initial £2bn of the allocated £75bn will be used to buy up government bonds from investment institutions in a series of auctions. It is intended that the process will increase the flow of funds to the real economy by removing the financial straight jacket that illiquid corporate debt currently holds over many companies and banks.

However, not everybody is convinced that such measures will be a success. Paul Holohan, chief executive of Richmond Capital Partners, does not share Gordon Brown's optimism about the availability of funding.

He said: "The last supposed injection of money into the economy didn’t emerge into the marketplace. This issuing of extra money must not simply be sat on by the banks or it will make no difference in reviving the economy. Time will tell what actually happens.

"It needs to be available and now. Three months' time may well be too late for some in our beleaguered industry. Sadly, I am not confident that this much-needed funding will come through in time for some."

In a current printweek.com poll, more than a quarter of respondents fear that quantitative easing will lead to unacceptable levels of inflation, while almost 40% believe that the crisis is global and domestic measures will have little impact.

Holohan added that the interest rate cuts will make little difference to printers as the current situation is that most SMEs are receiving telephone calls or letters from their banks or being asked to visit to be advised of the imposition of increased rates for overdrafts and other services.

He said: "These rates are going up at just the time when many SMEs need the extra funding. The base rate reduction will not result in a corresponding reduction in loan charges."

See also:

BoE cuts rates to 0.5% and begins 'printing money'

Bank of England governor says UK in 'deep recession'