Britain grants loan guarantees to car industry
Wednesday, 28 January 2009, 02:44 Hrs
London: The British government Tuesday announced a loan guarantee scheme totalling 2.3 billion pounds ($3.2 billion) to help carmakers and supply industries. Business Secretary Peter Mandelson told parliament that the support would be given to prevent an "irreversible loss of capacity" in British motor manufacturing. The package was seen by the government as helping the motor industry "reinvent itself for a low-carbon future". Mandelson said the British motor industry was "not a lame duck" and the assistance given did not amount to a "bailout".