Government Backs General Motors Europe With £270 million Loan Guarantee
Business Secretary Lord Mandelson announced today (12 March) that the government has agreed a €300 million (£270m) loan guarantee with GME Europe. Agreed under the government’s Automotive Assistance Programme, the British loan guarantee will be joined by extra support from GM in the US and other European government. According to the business secretary’s office, the guarantee is designed to help secure the company’s operations in Britain and the rest of Europe and follows “detailed and highly complex talks between the Government and GM.”
Lord Mandelson commented: “I always said the government would stand foursquare behind Vauxhall and with this announcement today we have kept our word. These are excellent plants employing a first rate workforce. We need Vauxhall to thrive as part of Britain’s automotive manufacturing base and following our negotiations with GM Europe I am confident it will do so.”
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