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UK government announces Ford Motor loan guarantee

In a continuation of the previous Labour government's intention to increase the attraction of the UK motor market to overseas manufacturers, the coalition government has today confirmed a £360 million loan guarantee in relation to Ford Motor's £450 million loan agreement with the European Investment Bank. This is part of the company's £1.5 billion investment program in the UK which will span the next five years and see a new generation of green engines and green cars introduced to the marketplace.

Only a few weeks ago the UK government have the impression that a loan guarantee or any form of taxpayer subsidy would not be forthcoming for the Ford Motor investment, but today's announcement shows this was not correct. At a time when the UK economy is struggling to break free of the credit crunch and recession it is welcoming to see such a significant investment at this stage of the economic cycle. Ford Motor is just one of a number of car manufacturers that have targeted the UK as a potential base for their greener motors for the future.

There is no doubt that the eco-friendly car market is one which has enormous potential for the future and if the UK government can in some way make the UK a base for this new technology then there will be significant benefits in the long term.

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