Car
finance news today carries reports that
car makers are warning the government that the aid package may
not save
motor industry jobs.
The
Society of Motor Manufacturers and Traders made it clear that
they have fought for support for
car finance businesses for some time, but despite a £2.3
billion aid package many job losses are inevitable.
Supporting the finance arms of
motor manufacturers will give consumers badly needed assistance
to purchase
new vehicles . Currently,
vehicle finance arms are starved of
credit .
Joe Greenwell, president of the
SMMT, reportedly commented: It was a very important
element that was right at the top of our list in November. We were
able to underline the urgency of the situation in terms of trying
to stimulate demand and ease credit to customers and
dealers.
SMMT chief executive Paul Everitt said: The package of
measures that has been introduced will unquestionably mitigate the
effects of the downturn on the UK
automotive industry. We are in a
recession . Sadly, there will be more
redundancies, not just in the automotive industry but across
the economy.
