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28/01/2009
Mandelson Unveils £2bn Motor Industry Package
Business Secretary Lord Mandelson has outlined a package of measures aimed at freeing up lending of more than £2 billion for the automotive industry.
The package, which includes a scheme to unlock £1.3bn of loans from Europe for car manufacturers and major suppliers, was unveiled in the House of Lords yesterday.
The automotive industry employs nearly one million people from manufacturing to retailing and contributes £10bn added value to the economy. It is a major contributor to research and development, and supports a supply chain and technology benefits for the wider manufacturing industry in the UK.
Lord Mandelson said he was inviting regional development agencies and the Technology Strategy Board to research and develop programmes into cleaner engines, lighter cars and "plug-in hybrids".
He said many of the government's measures, like the VAT cut, had already benefited the industry, but added: "I recognise that we need to do more.
"Today's measures will provide a specific boost to the industry, providing real help and laying the foundations of its reinvention for a low carbon future."
Lord Hunt of Wirral from the Conservatives, however, have criticised the package saying it was 'too little, too late'.
He told peers "after years of persecuting the motorist, ministers now offer a range of placebos to an industry facing the worst crisis it has ever faced".
The new shadow business secretary Ken Clarke also slated the package.
Debating with Business Minister Ian Pearson in the House of Commons, Mr Clarke asked: "Can the new trade minister [Lord Mandelson] be asked through the minister [Mr Pearson], to do something to improve the Government's competence, its ability to keep up with events, and its ability to produce programmes which work?"
(JM/BMcC)
The package, which includes a scheme to unlock £1.3bn of loans from Europe for car manufacturers and major suppliers, was unveiled in the House of Lords yesterday.
The automotive industry employs nearly one million people from manufacturing to retailing and contributes £10bn added value to the economy. It is a major contributor to research and development, and supports a supply chain and technology benefits for the wider manufacturing industry in the UK.
Lord Mandelson said he was inviting regional development agencies and the Technology Strategy Board to research and develop programmes into cleaner engines, lighter cars and "plug-in hybrids".
He said many of the government's measures, like the VAT cut, had already benefited the industry, but added: "I recognise that we need to do more.
"Today's measures will provide a specific boost to the industry, providing real help and laying the foundations of its reinvention for a low carbon future."
Lord Hunt of Wirral from the Conservatives, however, have criticised the package saying it was 'too little, too late'.
He told peers "after years of persecuting the motorist, ministers now offer a range of placebos to an industry facing the worst crisis it has ever faced".
The new shadow business secretary Ken Clarke also slated the package.
Debating with Business Minister Ian Pearson in the House of Commons, Mr Clarke asked: "Can the new trade minister [Lord Mandelson] be asked through the minister [Mr Pearson], to do something to improve the Government's competence, its ability to keep up with events, and its ability to produce programmes which work?"
(JM/BMcC)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
