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UK carmakers beg for Treasury bailout

Car manufacturers in UK have today written to the Chancellor demanding a multibillion pound bailout for an industry which is literally growing sicker on a daily basis. There has been a massive drop in demand for both new and second-hand cars as the recession and the ever-increasing burden of road tax and green taxes on vehicles in the UK begins to hit home. The industry has never experienced a worse trading situation than today and there are real concerns that when the economic recovery finally arrives there may be little of the UK car manufacturing market left.

This is a situation which is being mirrored in America where General Motors is on the verge of running out of cash and other major car companies are desperately trying to cut their costs and retain as much cash as possible. The problem is, both here and in the US, that nobody can see a point when demand will increase and therefore the requirement for additional cash flow in the short term is vital.

However, there are genuine concerns that the government will not take any notice of the deal being suggestioned as this could potentially open the floodgates for other business sectors in the UK.

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