Bank scolds Mandelson in car loans row

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Lord Mandelson said last night that he wished the Bank would be quicker in helping car companies' financing arms, breaking the taboo against politicians criticising the independent central bank.

But the Bank, which has been learning the political game since its profile ballooned in the economic crisis, today hit back: "The Bank of England is puzzled by Lord Mandelson's comments yesterday.

"It is not the role of the Bank to provide sector-specific support. That is clearly and properly a matter for the government."

The Bank said it had held talks with car industry leaders and government departments to explain how it can help the industry by improving conditions for companies who offer credit to car buyers.

Car companies argue, however, that not all motor finance lenders can access central bank cash.