An unusual early victim of the recession the shoe industry is falling fast into place behind retail and the car industry in the list of economic bail-out-ees. The industry is estimated to have made almost no profit in the past year and with shoe super giant Hamptron Brothers on the verge of bankruptcy according to recent figures the government has decided to free up large amounts of capital to help deal with the issue.
The fifth of a billion which has been promised is to go to companies which promise to invest it in 'green shoe solutions'. These shoes will be designed to leave a smaller carbon footprint and manufacturers are hoping that a shoe may be developed which could reverse the effects of global warming by absorbing greenhouse gasses into the sole.
The government has also promised to unlock EU funds which have been promised to be loaned to shoe makers as part of a lager cross continental bail-out package. However the pledge by the British government is much smaller than the amounts promised by the Italian and French Governments whose economies depend more strongly on the shoe trade than ours does. It remains to be seen if the measures will have any effect.