Post by puffin on Jan 27, 2009 19:26:47 GMT
Business Secretary Lord Mandelson has outlined a package of government support for the UK car industry potentially worth up to £2.3bn.
The package includes a scheme to unlock £1.3bn of loans from Europe for car manufacturers and major suppliers.
He said the government would also guarantee up to £1bn of further loans.
But shadow business secretary Ken Clarke said the European loans were announced last year and called the whole package "pretty small beer".
Outlining the measures in the House of Lords, Lord Mandelson said the automotive industry was vital to British manufacturing anad at the heart of many regional economies but was "in the frontline of the downturn".
news.bbc.co.uk/1/hi/uk_politics/7853149.stm
I wonder how much this will help.
The package includes a scheme to unlock £1.3bn of loans from Europe for car manufacturers and major suppliers.
He said the government would also guarantee up to £1bn of further loans.
But shadow business secretary Ken Clarke said the European loans were announced last year and called the whole package "pretty small beer".
Outlining the measures in the House of Lords, Lord Mandelson said the automotive industry was vital to British manufacturing anad at the heart of many regional economies but was "in the frontline of the downturn".
news.bbc.co.uk/1/hi/uk_politics/7853149.stm
I wonder how much this will help.