Is the UK government on the verge of a car industry rescue package?
It has been revealed this evening that the UK government is on the verge of announcing a limited rescue package for the UK car industry. This seems to fly against all recent comments from the likes of Peter Mandelson who had only days ago apparently cut the car manufacturing industry adrift. Whether talks about a potential US car industry rescue package have prompted a change of heart is unknown but the UK car manufacturing industry will be grateful all the same.
However, as we have covered in a number of posts of late this move (if it is confirmed) has the potential to prompt many other industries in the UK to ask the UK government for help using taxpayers money. Taxpayers are already reeling from the expected massive increase in taxes over the next few years which are required to replenish the UK government "pot". Whether UK taxpayers will be able to stomach another multibillion pound rescue package remains to be seen as the UK banks are also asking for further assistance.
Many people are wondering when the government will actually see a return on the investment of taxpayers money over the last few months and when the taxpayers "pot" will be left alone.
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