Government Aid to MG Rover
Asked for further information on the reporting in the Sunday papers that the Permanent Secretary of the DTI was opposing a grant to Rover on the basis that it would not be money well spent, the PMOS said that as the DTI had made clear throughout this process, the Government had done all it could to support the joint venture. There was a team of DTI officials in China who were holding discussions with the SIAC, and we were in touch with the Chinese Government. If a deal was looking likely, both MG Rover and SIAC were aware that the Government would consider the option of providing a bridging loan. If the loan were to be offered, it would be provided on strict criteria to ensure the proper use of tax payers’ money, and would be fully repayable. We would comply with EU state rules over the repayment period.
Briefing took place at 11:00 | Search for related news
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