Brits Jump on Bailout Bandwagon

After experiencing a December sales slump of almost 50 percent compared to the same month a year before, the British government has announced that it will provide £2.3 billion (or $3.25 billion) for automakers in the UK.

The funds are intended to assist viable companies that are suffering because of the current global economic crisis. The loads would serve to provide those companies with short term credit to outlast the recession.

The $3.25 billion shot-in-the-arm by the UK government is the latest development in the worldwide auto sector bailout with the U.S. delivering $17.4 billion, Canada freeing up $3.29 billion and Sweden recently putting forth $3.4 billion.

[Source: AutomotiveNews]

Filed under: Uncategorized
Tags: ,

Be the first to write a comment.