Car industry plans must give value to taxpayers

Commenting on Peter Mandelson's announcement of a package of support for the UK's car industry, Liberal Democrat Shadow Business Secretary, John Thurso said: "Any announcement must be based on a strategic approach guided by clear principles. There must be real, long-term value for taxpayers.

"These plans have a number of worthy crumbs of comfort for the car industry, but are neither strategic, principled nor comprehensive.

"The core of this announcement is a repackaging of European investment bank loans and loan guarantees. I do not think the car industry will be particularly happy with that."