British Gov't Offers Carmakers $3.2 Billion
LONDON -- The British government on Tuesday announced a $3.2 billion financial support package intended to make Britain's struggling automakers "greener, more innovative and more productive" as they battle through a deepening recession.
"This industry is not a lame duck, and this is no bailout," Business Secretary Peter Mandelson said in Parliament. "There is no blank check on offer, no operating subsidies."
Unlike the $17.4 billion U.S. bailout of General Motors and Chrysler, and France's plan to pump up to $9.6 billion into its ailing carmakers, the British plan would provide mainly loan guarantees and worker training.
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