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Government announces multi-million support deal for Vauxhall
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12/03/2010
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Business Secretary Lord Mandelson (pictured) announced today (12 March) a €300 million (£270m) loan guarantee to GME Europe which will help secure the company's operations in Britain and the rest of Europe.
Today's outline agreement follows what the Department for Business called "detailed and highly complex talks" between the Government and GM.
The guarantee will be provided under the Government's Automotive Assistance Programme. The British loan guarantee will be provided alongside extra support from GM in the US and support from other European governments.
Lord Mandelson said: "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".
A statement said discussions will continue with GM and other European governments to finalise the remaining details of funding terms and arrangements enabling the implementation of the business plan.
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Author
Ken Hurst
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