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| Version 1 | Version 2 |
|---|---|
| Land Rover loan 'to be approved' | Land Rover loan 'to be approved' |
| (about 3 hours later) | |
| Jaguar Land Rover will get approval for a loan of £270m (300m euros) from the European Investment Bank on Tuesday 7 April, the BBC understands. | Jaguar Land Rover will get approval for a loan of £270m (300m euros) from the European Investment Bank on Tuesday 7 April, the BBC understands. |
| According to government sources, the firm has met the loan criteria. | |
| A loan of £364m (400m euros) will also be split between Nissan's plants in Sunderland and Spain, bringing the UK total to £455m (500m euros). | |
| Jaguar Land Rover said it could be a number of weeks before any cash was handed over. | |
| Sources at the company were more cautious, stressing that whilst they were confident the money will be approved, they did not want to assume it would. | Sources at the company were more cautious, stressing that whilst they were confident the money will be approved, they did not want to assume it would. |
| Greener technology | Greener technology |
| If the EIB loan is approved by its board when it meets in Luxemburg, it would then need some form of government guarantee before any monies were disbursed. | |
| They add the deal is likely to be approved by the board of the EIB when it meets in Luxembourg next week. | They add the deal is likely to be approved by the board of the EIB when it meets in Luxembourg next week. |
| Business Secretary Lord Mandelson has set aside £2.3bn (2.5bn) in support for the car industry which is mostly made up of loan guarantees as well as direct aid to car makers. | Business Secretary Lord Mandelson has set aside £2.3bn (2.5bn) in support for the car industry which is mostly made up of loan guarantees as well as direct aid to car makers. |
| The criteria for any EIB loan require car makers to invest in new greener technology to lower emissions during vehicle production and driving. | The criteria for any EIB loan require car makers to invest in new greener technology to lower emissions during vehicle production and driving. |
| The car industry has been particularly hit by the recession with UK sales down 22% and car production plummeting 59% on the same time last year. | The car industry has been particularly hit by the recession with UK sales down 22% and car production plummeting 59% on the same time last year. |
| Jaguar Land Rover cut 450 staff in January 2009 and are seeking further 300 salaried redundancies from its 14,500-strong UK workforce. Some 50,000 British jobs are dependent on the firm. | Jaguar Land Rover cut 450 staff in January 2009 and are seeking further 300 salaried redundancies from its 14,500-strong UK workforce. Some 50,000 British jobs are dependent on the firm. |
| Staff are essentially working a four-day week following an agreement with trade unions. Hourly-paid employees are working a 35-hour week and a pay freeze has been agreed on the guarantee of no compulsory job cuts for two years. | Staff are essentially working a four-day week following an agreement with trade unions. Hourly-paid employees are working a 35-hour week and a pay freeze has been agreed on the guarantee of no compulsory job cuts for two years. |
| Based in Gaydon, Warwickshire, it employs about 15,000 people in Castle Bromwich, Coventry and Solihull in the West Midlands and Halewood, Merseyside. | Based in Gaydon, Warwickshire, it employs about 15,000 people in Castle Bromwich, Coventry and Solihull in the West Midlands and Halewood, Merseyside. |
| Some 12 million people are employed in the European car industry, including 800,000 workers in the UK. | Some 12 million people are employed in the European car industry, including 800,000 workers in the UK. |