Mandelson to reveal car loans

Business Secretary Lord Mandelson is expected to reveal Government plans to save the car and car finance industry in the next few days. The loans will help car companies create sales of new vehicles . The loans will be part of a huge rescue package to bail out the crippled car industry .

Car companies will apply to the Bank of England for credit, which they will be able to utilised to provide vehicle finance to new car buyers. The full details of the package are expected on Wednesday.

The extent to which the help for car companies will impact on other services, such as the building of new schools, hospitals and colleges, remains to be seen. The Government reportedly considers the car manufacturing industry the most urgent case for aid.

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Mandelson to reveal car loans

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