UK carmakers seek bailout

27-11-2008

UK carmakers seek bailout
The UK auto industry is seeking help from the government to survive the downturn.

Senior executives from the UK automotive sector are today meeting the secretary of state for business, Lord Mandelson, to discuss a package of measures to help the industry.

Both the Society of Motor Manufacturers and Traders (SMMT) and the Retail Motor Industry Federation (RMIF) are lobbying the government for a bailout.

Vehicle manufacturers want the government to allow finance companies access to the same funding available to banks and scrap plans to increase vehicle excise duty on cars altogether.

The industry is also calling for government-backed loans to manufacturers and suppliers.

Earlier this week, the SMMT said government intervention is vital.

"The motor industry faces a set of unprecedented market conditions," said Paul Everitt, SMMT chief executive.

"Urgent action is required to boost demand for new vehicles and ease pressure on UK automotive suppliers."

In addition, the Home Builders' Federation (HBF) and the Council of Mortgage Lenders (CML) met the prime minister this morning to ask for more help.

The HBF is urging more investment in housing provision and extend the stamp duty holiday to properties up to £1 million.

The housing industry also wants more pressure to be put on banks to lend to home buyers.

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