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Foundry Daily News

17. March 2009

UK says auto aid package now open

BS quoted Mr Ian Pearson UK’s Business minister as saying that that the GBP 2.3 billion Automotive Assistance Program is now open for automobile and automobile parts makers. Mr Pearson at a seminar on supply chain in the automotive sector said that “The Automotive Assistance Program is now open for business. We are determined that this scheme delivers support as quickly as possible and today's event was an important opportunity for companies and banks to understand how to access the scheme. We have already received a number of EoIs and look forward to other companies.” The scheme to facilitate loan and loan guarantees now has clearance from the European Commission and is inviting applications. It applies to the UK automotive sector and supply chain with a turnover of over GBP 25 million. He said that “The government has put the scheme in place and has now clearly set out the criteria against which applications will be judged. Now it's up to companies to come forward with their bids.”

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