"Britain offers aid to automakers" by New York Times | January 28, 2009
LONDON - Britain joined other governments bailing out their auto industries by announcing a $3.2 billion aid package yesterday, after three months of pleas from unions and executives of Jaguar Land Rover and Vauxhall, a General Motors brand.
The government offered automakers and suppliers access to $1.8 billion in loan guarantees from the European Investment Bank, topped off with another $1.3 billion from the Treasury, the business secretary, Peter Mandelson, told Parliament yesterday.
I'm sure British citizens are just giddy about that taxpayer giveaway -- just like us here in the states.
He said the government would also increase the amount that it spent on the training of employees.
There's your bone, limeys. Train for what?
The automotive industry "is in the front line of the downturn, with output falling faster and further than any other sector since the summer," Mandelson said. "We need to counter this to prevent an irreversible loss of capacity, skills, and technology." But he added that the "industry is not a lame duck and this is no bailout. There is no blank check on offer, no operating subsidies."
Whatever. Just because he says it doesn't make it true.
The opposition Conservative Party criticized the measures are "too little, too late" and accused the government of dithering while other nations moved swiftly to support their automakers.
Oh, they are like America; BOTH PARTIES are in service to CORPORATIONS!
Any aid to auto manufacturers in Britain is potentially more controversial than in those other countries. Though the industry adds about $13.2 billion to Britain's economy and employs more than 800,000, most of the British manufacturers are owned by foreign companies.
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Ha-ha-ha-ha!!
Yeah, I noticed from the lead paragraph that ONE is GM!!!!
I can't imagine this going over well with the public at-large.
