Car firms get £2.3bn loan package

[Panagiotis]

bbc.com

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.

He said the car industry was “not a lame duck” and said the package was “not a bail out” but would “reinvent” the industry “for a low carbon future”.

Outlining the measures, he told peers the automotive industry was “in the frontline of the downturn” and had fallen “faster and further than any other sector since the summer”.

[Choprocker]

funny how we put in loads of money onto firms at the moment but own none of em.