Gordon Brown has made it clear that the
car industry is at the heart of prosperity in Britain, and he
has pledged to do everything in his power to help
car companies, including
Jaguar
Land Rover .
At this point, a £2.3 billion credit line has been extended to
car finance arms, although no
companies have yet received this money. The
loan includes £1.3 billion borrowerd from the European
investment
bank .
Referring to Peter Mandelson, the business secretary who has been
managing the aid package to date, Gordon Brown reportedly
commented:
We are committed to giving support to the
car industry. Peter Mandelson has announced proposals which
partly come from resources from the European Union. We have opened
up a new
Bank of England facility administered by the governor of the
Bank of England, where corporate and syndicated
loans can be part of the process of helping companies
fund themselves. We are taking what action we can. The car
industry in Britain is vitally important to this country and we
will do everything we can to support them, to see them through
these difficult times.
