Amidst much speculation Business Secretary Peter Mandelson has announced a package of assistance aimed at aiding the UK automotive industry.
Clearly stating that it was definitely not a ‘bailout’ Lord Mandelson outlined plans that included £1.3 billion in loan guarantees and a further available fund of £1 billion to help with new, worthwhile investments.
Commenting on the move, Lord Mandelson said: "This industry is not a lame duck and this is not a bail out."
"Taken together, today's announcement will provide our leading automotive companies, their workers and suppliers with a significant boost.
"It will also ensure that the downturn does not derail the investment in innovation and change needed to make Britain a world leader in the development and manufacture of low carbon vehicles," he continued.
Speaking on behalf of the Prime Minister, a spokesman clarified that the move was an effort to assist "fundamentally sound companies get through a difficult period".
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Date Published: January 28, 2009
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