Help for UK motor industry “too slow”

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Business Secretary Lord Mandelson has said he wished talks with the Treasury and Bank of England on help for car financing schemes had “gone quicker”.

Discussions were making progress and went hand in hand with efforts to give the car industry a boost, he said.

He told the BBC the Bank of England and Treasury were “doing their best” but it was a “very complex area”.

Car manufacturers have been lobbying for help for their finance arms – which provide people with loans to buy cars.

The credit crunch has been blamed for stopping them raising the money needed to fund new car purchases.

In January, Lord Mandelson announced a package of government support for the car industry – including a scheme to unlock £1.3bn of European loans – and a government pledge to guarantee up to £1bn of further loans.