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UK car companies receive £500m European loan
The British motoring industry has received a boost with news that The European Investment Bank (EIB) has approved over £500m of loans to Jaguar Land Rover and Nissan.
The EIB has approved a £340m package for Jaguar Land Rover and £370m for Nissan - to be split equally between its plants in Sunderland and Spain.
The funding is the first money provided to any carmaker in the UK since the financial crisis began and has been lent on the conditions that the car makers invest in new technology to lower emissions during vehicle production and driving.
"These loans are a great piece of news for the UK car industry, which is currently suffering a sharp and ongoing slump in demand," said John Cridland of the Confederation of British Industry.
"We hope the UK government will also help by introducing a short-term scrappage scheme that rewards consumers who replace their older, less efficient cars with newer, more efficient models."
Post Date: April 8th, 2009
The EIB has approved a £340m package for Jaguar Land Rover and £370m for Nissan - to be split equally between its plants in Sunderland and Spain.
The funding is the first money provided to any carmaker in the UK since the financial crisis began and has been lent on the conditions that the car makers invest in new technology to lower emissions during vehicle production and driving.
"These loans are a great piece of news for the UK car industry, which is currently suffering a sharp and ongoing slump in demand," said John Cridland of the Confederation of British Industry.
"We hope the UK government will also help by introducing a short-term scrappage scheme that rewards consumers who replace their older, less efficient cars with newer, more efficient models."
Post Date: April 8th, 2009
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