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UK car firms tipped to get funds UK car firms tipped to get funds
(10 minutes later)
The European Investment Bank is expected to approve significant funding for two car makers in Britain, Jaguar Land Rover and Nissan, 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. Jaguar Land Rover has applied for £270m to invest in research and technology to develop more environment-friendly cars at its Midlands and Merseyside plants.
Nissan's plants in Sunderland and Spain are seeking £360m to produce more fuel efficient, cleaner engines.Nissan's plants in Sunderland and Spain are seeking £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 industrySlowing industry
Figures released on Monday illustrated the gloomy state of the sector. Based in Gaydon, Warwickshire, Jaguar Land Rover employs about 15,000 people in the West Midlands (Castle Bromwich, Coventry and Solihull) and Merseyside (Halewood).
Nissan's plant in Sunderland opened in 1986 and employs about 4,900 workers.
Some 12 million people are employed in the European car industry, including 800,000 workers in the UK.
Figures released on Monday illustrated the gloomy state of the UK car industry.
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 carmakers 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.