Downing Street Says » Car Industry

» Wednesday, March 11, 2009

Car Industry

Asked if the funding for the new green Land Rover was simply a disguised bailout, the PMS said no; this was funded under Berr s Grant for Business Investment Scheme, which was separate from the 2.3 billion Automotive Assistance Programme that we announced a few weeks ago.

Asked if the Prime Minister recognised concern that the 2.3 billion scheme didn t address the principle risk of companies going under and losing staff, the PMS said that we had a separate working capital scheme and we were dealing with funding issues that related to banks and their finances. It was important to note that we wanted to help address some of the liquidity issues that many companies faced, but we also needed to ensure that we prepared our industries for the needs of the future. That was why our support was very much targeted on ensuring that our car industry could compete in future markets.

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