Green light for car industry aid package

The approval enables the government to support up to £1 billion of loans and loan guarantees as well as loan guarantees through the European Investment Bank (EIB) enabling funding of up to £1.3 billion. Business minister Ian Pearson said: "We are grateful to the Commission for its swift response and approval of our state aid application. We welcome applications for the Automotive Assistance Programme that's now up and running just one month after announcing our support package for the automotive industry. "We are committed to helping the car industry bridge to the low carbon future. Our package will support both manufacturers and larger automotive suppliers in delivering the new investment that will be vital in ensuring the industry comes out of the current downturn with the skills and technology needed to be competitive in the global automotive market." The Department for Business Enterprise and Regulatory reform (BERR) will be holding a seminar in the next couple of weeks to bring together industry, banks and the relevant trade bodies to ensure the programme application process runs smoothly. Companies can register an interest by emailing BERR at berr.auto@berr.gsi.gov.uk.