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Mandelson 'to make car statement' Car industry help to be unveiled
(20 minutes later)
Business Secretary Lord Mandelson is set to make a statement at 1505 GMT in the House of Lords on the car industry. Business Secretary Lord Mandelson is to outline a package of government support for the UK car industry in a statement at 1505 GMT to the House of Lords.
The government has faced calls to bail-out Britain's car makers which have been hit badly by the recession. Ministers have faced calls to bail-out car makers whose sales have slumped as consumer credit has dried up.
Jaguar Land Rover asked the government for financial support last month amid union warnings of job cuts. Lord Mandelson is expected to unveil a scheme aimed at increasing the availability of loans to car buyers.
But Lord Mandelson said the government would act only as a "lender of last resort" and the firm's owner, Tata, must "look to their own resources". He could also offer cash to train car workers, help for car parts suppliers and grants for "green" research.
Under the government's plan, it is thought loans could be provided to the finance arms of the big car makers but critics say this will mainly benefit foreign firms, who supply 80% of Britain's cars.