Car companies pleading with Government

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.

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Car companies pleading with Government

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