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02/03/2009
UK Given The Green Light For State Help To Automotive Industry
The UK has been given the go-ahead by the European Commission (EC) to offer state help for the automotive industry under the Automotive Assistance Programme.
The approval by the EC enables the government to support up to £1 billion of loans and loan guarantees as well as loan guarantees through the European Investment Bank (EIB) enabling funding of up to £1.3 billion.
Business Minister Ian Pearson said: "We are grateful to the Commission for its swift response and approval of our state aid application. We welcome applications for the Automotive Assistance Programme that's now up and running just one month after announcing our support package for the automotive industry."
The Minister continued: "We are committed to helping the car industry bridge to the low carbon future. Our package will support both manufacturers and larger automotive suppliers in delivering the new investment that will be vital in ensuring the industry comes out of the current downturn with the skills and technology needed to be competitive in the global automotive market."
BERR will be holding a seminar in the next couple of weeks to bring together industry, banks and the relevant trade bodies to make sure that the Automotive Assistance Programme application process runs as smoothly and effectively as possible.
(JM/BMcC)
The approval by the EC enables the government to support up to £1 billion of loans and loan guarantees as well as loan guarantees through the European Investment Bank (EIB) enabling funding of up to £1.3 billion.
Business Minister Ian Pearson said: "We are grateful to the Commission for its swift response and approval of our state aid application. We welcome applications for the Automotive Assistance Programme that's now up and running just one month after announcing our support package for the automotive industry."
The Minister continued: "We are committed to helping the car industry bridge to the low carbon future. Our package will support both manufacturers and larger automotive suppliers in delivering the new investment that will be vital in ensuring the industry comes out of the current downturn with the skills and technology needed to be competitive in the global automotive market."
BERR will be holding a seminar in the next couple of weeks to bring together industry, banks and the relevant trade bodies to make sure that the Automotive Assistance Programme application process runs as smoothly and effectively as possible.
(JM/BMcC)
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