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Government rules out further financial assistance for manufacturers

Vince Cable, business secretary, believes the automotive industry is no longer in an “emergency” situation and has said manufacturers can no longer count on financial support from the Government.

Cable also said the £5,000 electric car subsidy was still under review as to whether it would still go ahead or not.

Cable told the Financial Times: “We don't want to go around the country waving a chequebook.”

"We're moving away out of an emergency time, and support will come in more indirect ways. Not in direct support for companies - we don't have the funding to do that, and it isn't good policy anyway."

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