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UK government lends £10 million for development of electric car

The UK government has finally paid out a tiny fraction of its £2.3 billion aid package for the car industry with a £10 million loan to Tata Motors to assist in the production of an electric car in the UK. The company will complement the UK government's £10 million loan with a £25 million investment of its own which is set to create hundreds of jobs over the coming years.

While it is unclear as to where the electric car will be produced at the moment, it will certainly be produced in the UK and could be the first of many to benefit from the UK government's £2.3 billion aid package. While the £10 million investment has been well received by electric car enthusiast, this still leaves the vast majority of the £2.3 billion aid package unused at a time when the industry, while benefiting in the short-term from the car scrappage scheme, is still struggling.

Even though the authorities will argue this is the first of many such loans to the car industry, there is no doubt the government has been very slow to respond to what is a critical situation for the sector. Jobs have been lost, Vauxhall's future is in the balance and the government still has the best part of £2.3 billion available for investment!

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