Following on from
car finance news last week, the
car industry in the UK is calling for the Government to bail
them out and follow the precedent set by America and Germany.
The trade body of the
motor industry,
SMMT, wrote to Peter Mandelson to call for the
Bank of England to underwrite
loans from
car company
finance arms. Together with the
Financing and
Leasing Association, the SMMT are trying to reinvigorate the
troubled
car industry.
Executives from top
car manufacturing plants including
Vauxhall,
Ford and
Honda have already been speaking to Government officials to
call for financial support for the car industry. The value and
number of
new car finance loans for
new cars has been falling monthly.
A package to help the industry is expected to be unveiled later
this month.