Delyn MP David Hanson has welcomed a support package to help the automotive industry through the economic downturn.
The Government’s package of measures is aimed at freeing up lending of more than £2bn for the automotive industry.
The automotive industry employs nearly one million people from manufacturing to retailing and contributes £10bn added value to the economy. It is a major contributor to research and development, and supports a supply chain and technology benefits for the wider manufacturing industry in the UK.
The elements of support that have been announced:
· Guarantees to unlock loans of up to £1.3bn European Investment Bank (EIB) guarantees for investment in lower carbon initiatives
· Loans or loan guarantees to support of up to £1bn of lending for lower carbon initiatives for non-EIB backed projects
· Increased funding for training of employees under ‘Train to Gain’
· Mervyn Davies, the new Trade and Investment Minister, tasked to draw up a plan for improving access to finance for manufacturers’ finance arms.
David Hanson said:
“The automotive industry is important to Flintshire with major employers like Vauxhall and Toyota making a significant contribution to the local economy.
“This package of measures announced will free up lending and will help companies speed their way to becoming greener, more innovative and more productive. This is the route to securing jobs for the long term as we build a more balanced economy for Britain’s future.”