Tax payer to fund motor industry loans

According to a report in the Times, the taxpayer will fund loans for new car purchase in a bid to help save the troubled car industry . Finance companies attached to the car industry will be provided with access to the special liquidity scheme.

During the financial trouble, car finance loans have become severely restricted. Very few people are buying new cars, and the car companies are struggling amid slumping sales.

The Government are putting pressure on the Bank of England to provide millions of pounds to stimulate car purchases. However, the car industry has reacted badly to the pledge, insisting that a more direct bail-out is necessary.

Jaguar Land Rover have let hundreds of jobs go this week, as cash-flow problems go from bad to worse.

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Tax payer to fund motor industry loans

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