Earlier today, British Business Secretary Peter Mandelson unveiled a package aimed at helping the struggling domestic auto industry survive as sales continue to tumble. The package calls for 1.3 billion pounds – about $1.8 billion – in special funds provided by the European Union and earmarked for the industry.
The government will also provide loan guarantees up to 1 billion pounds.
Jaguar Land Rover , one of Britain’s highest-volume producers, has already stated that an aid package wouldn’t address the root of the problem – struggling sales.
The industry employs nearly 1 million Britons and accounts for about 10 percent of exports.
