EU bank loan to aid UK car industry

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The European Investment Bank (EIB) gave the go-ahead for a £340 million loan to JLR to invest in greener vehicles.

And the board of the EIB, which is the long-term lending bank of the EU, also approved a £380 million green-car loan to be split between Nissan's Sunderland plant and its factory in Spain.

The loans, which will be guaranteed by the UK Government, are part of a £2.3 billion package for the UK motor industry announced by Business Secretary Lord Mandelson.

JLR has plants in Castle Bromwich and Solihull in the West Midlands as well as Halewood on Merseyside.

Conservative West Midlands MEP Malcolm Harbour welcomed the EIB announcement.

He said: "JLR is a crucial employer in the region and our local economy would be devastated if it is allowed to fall behind its other European competitors.

"This is not a hand-out. It is an investment that will secure jobs and build cleaner cars for the future. It will also give a much-needed boost to suppliers, especially in the West Midlands.

"If we want our hard-pressed manufacturers to continue investing in meeting the laudable demands to cut emissions we will have to put our money where our mouths are.

"JLR has impressive research facilities and this loan will enable the many projects ongoing at the company to continue."