Car scrappage scheme to boost ailing UK automotive industry
Government officials who are attending a European Commission summit in Brussels are likely to introduce a car scrappage scheme to help ailing automotive sector as recession takes heavy toll on the UK motor industry.
The summit will be addressed by European Union’s three largest groups from France, Germany and Italy, sharing ideas on initiatives to boost car sales and help achieve environmental targets by providing finance to people upgrading old cars in place of new models.
The government is being called up on by the UK car industry to follow European counterparts’ initiatives and provide incentives to contain financial crisis and lift consumer confidence.
The summit is being held at a time when hundreds of workers at Mini’s plant in Cowley will be losing their jobs today.
Job losses are going up continuously as sales are falling sharply. Bentley announced 230 voluntary redundancies and 10% pay cut for all employees, while Jaguar already removed 1,450 people, Nissan 1,200 and Ford 850 staff from their jobs.
The Society of Motor Manufacturers and Traders (SMMT) is pushing the government for scrappage scheme and has made a proposal for its finance arm’s access to the Bank of England’s special liquidity scheme which allows conversion of liquid assets into cash.
The business minister Mervyn Davies will be discussing the proposal with Bank’s governor this week.
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