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| Version 0 | Version 1 |
|---|---|
| UK car firms tipped to get funds | UK car firms tipped to get funds |
| (about 5 hours later) | |
| The European Investment Bank is expected to approve significant funding for two car makers in Britain, Jaguar Land Rover and Nissan, later. | |
| Jaguar Land Rover has applied for around £270m to invest in research and technologies to develop more environmentally friendly cars. | |
| Nissan and its sister plant in Spain are seeking around £360m to produce more fuel efficient, cleaner engines. | Nissan and its sister plant in Spain are seeking around £360m to produce more fuel efficient, cleaner engines. |
| The moves come as the car industry has been hit globally by a slump in sales. | The moves come as the car industry has been hit globally by a slump in sales. |
| When it is distributed, this funding is set to be the first money provided to any car maker in the UK since the financial crisis began. | When it is distributed, this funding is set to be the first money provided to any car maker in the UK since the financial crisis began. |
| Under EIB rules, any loan requires that car makers must invest in new technology to lower emissions during vehicle production and driving. | Under EIB rules, any loan requires that car makers must invest in new technology to lower emissions during vehicle production and driving. |
| The EIB loans are expected to require some form of guarantee from the UK government, before any money is paid. | The EIB loans are expected to require some form of guarantee from the UK government, before any money is paid. |
| The board of the EIB - the lending arm of the European Union - is debating the topic at a meeting in Luxembourg. | The board of the EIB - the lending arm of the European Union - is debating the topic at a meeting in Luxembourg. |
| Slowing industry | Slowing industry |
| Figures released on Monday illustrated the gloomy state of the sector. | Figures released on Monday illustrated the gloomy state of the sector. |
| UK car sales dropped 30.5% in March, compared with the same month a year earlier, according to the Society of Motor Manufacturers and Traders (SMMT). | UK car sales dropped 30.5% in March, compared with the same month a year earlier, according to the Society of Motor Manufacturers and Traders (SMMT). |
| The industry argues that help is needed immediately for car makers to ensure they can survive the recession. | The industry argues that help is needed immediately for car makers to ensure they can survive the recession. |
| Business Secretary Lord Mandelson has set aside £2.3bn in support for the car industry, mostly in the form of loan guarantees as well as direct aid to car makers. | Business Secretary Lord Mandelson has set aside £2.3bn in support for the car industry, mostly in the form of loan guarantees as well as direct aid to car makers. |