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Surprise, surprise, UK car scrappage scheme extended

As expected Lord Mandelson has today taken the opportunity to announce an extension of the UK government's car scrappage team at the Labour Party conference in Brighton. The scheme is now being extended to cover an additional 100,000 cars and vans which when you consider each and every scrapped vehicle could be in line for a £2000 discount, is a significant amount of money.

The original £300 million scheme was expected to last until February 2010 although recent rumours in the market suggest it may well only have weeks to run due to a lack of extra funding. The extension to the scheme has obviously been welcomed by UK car manufacturers who had seen a significant increase in new car sales after the scheme was announced. This new additional investment is likely to see the government past the next general election, a vital point in the political calendar next year.

Even though the authorities have admitted they cannot do everything they would like to assist the UK car industry, at least the extension of the scrappage scheme will protect some jobs in the short to medium term. However, there are wider issues to consider in the medium to longer term.

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