£1bn bailout on cards for Jaguar and Land Rover

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Jaguar-Land Rover is owned by Indian outfit Tata, controlled by Ratan Tata, one of the world's richest men. It is seeking £1 billion in loan guarantees as it battles recession.

Trade and Industry Minister Lord Mandelson told Sky News: "I've had discussions with the owners of Jaguar-Land Rover because they are under particular strain."

He claimed there would be "no open cheque book" for struggling firms.

Jaguar-Land Rover employs about 15,000 in the UK. Taxpayers would underwrite the company loans, if Gordon Brown approves the idea.

Meanwhile, embattled Detroit carmakers General Motors and Chrysler have reopened merger talks as a possible way to survive as the companies wait for news of a White House rescue package.

All three major US carmakers plan to shut down manufacturing plants because of the slumping domestic market. Chrysler is closing 30 plants for a month from tomorrow, Ford will shut 10 of its North American assembly plants for an extra week in January instead of the normal two-week holiday while GM has shelved plans for a new factory in Michigan.