Downing Street Says

» Monday, February 23, 2009

LDV

Asked about LDV, the PMS said that as the department had been saying, we had been in close and regular discussions with LDV over recent weeks, as we had with other auto manufacturers. In relation to LDV, in the first instance, it must be down to the parent company to put up the funding needed to secure the business s future as a management buyout. The company did have an existing bid in for a loan from the European Investment Bank for future product development, which we were supporting.

Asked why the Government was considering helping out a loss-making company, the PMS replied that the British taxpayer could not be expected to pay for the company s losses. This was what the department had made clear. In relation to LDV, the issue was about the funding needed to secure the business s future and as the department had said, it really was down to the parent company to provide that funding.

Put that it didn t sound like the Government was prepared to give the company the 40million they were asking for, the PMS said he was not in a position to pre-empt anything, but it was down to the parent company to put in the funding that was necessary. Asked if LDV was discussed at Cabinet this morning, the PMS said that it was his understanding that it was quite a general discussion on the economy.

Asked if there was a problem with the relationship between Lord Mandelson and Mr Deripaska, the PMS said that Ian Pearson was the Minister for this sector and he was the person who would take any decisions.

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» Monday, February 23, 2009

LDV

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