AM Online

Land Rover funding talks could be over in days

Lord Mandelson has postponed his holidays to help bring the Jaguar Land Rover funding issue to a speedy end.

The Secretary of State for business, innovation and skills has reportedly said he was "perplexed" by hold-ups in talks backing European funding to help JLR.

He said he was "impatient" to resolve the issue with JLR owner Tata to confirm a 340 million euro loan from the European Investment Bank.

Government approval is required to underwrite the EIB loan which will help the carmaker through the recession.

However it is claimed the Government demanded a place on the board in return for backing the loan.

During a visit at the Vauxhall plant in Ellesmere Port on Wednesday Lord Mandelson told reporters: "My officials, as we speak, are holding talks with JLR and Tata and I would anticipate  these coming to a conclusion in the next day or so.

"We are looking to Tata to put theior money on the table, bearing on mind what I am offering is taxpayers' money."

Meanwhile, creative agency D3 is organising a five week event programme in the Scottish borders to showcase Land Rover's latest Discovery 4 and Range Rover Sport vehicles.

It is due to take place in August in the grounds of Floors Castle in Kelso and may include a driving experience down a reservoir wall.  



If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment

Comments

No comments have been made yet.