No more Government funding for motor industry (UK)
Speaking at a conference in Central London, he said: “I don’t see the future as large scale funding for particular companies. We can’t fight a subsidy war.”
Cable persisted that he saw future Government money going towards assisting the car business as a whole, vowed support for investment in research, technical education, more apprenticeships in the motor industry and appeal to inward investment through lowering corporation tax and creating a more stable economy.
The business secretary also denied that the £5,000 funding for anyone buying an electric car was going to be scrapped, admitting that it was still “actively under consideration”. He also promised support for Britain’s luxury car business arguing, “We’re not trying to turn every car into a Nissan Leaf”. “There’s variety in the motor industry and it needs to be supported,’ he said.
While, a car-buying scheme, such as the scrappage scheme is not the way to invigorate the car market, business secretary Vince Cable has said.
'It got us out of a sensitive stage in the economic crisis, but it was too expensive to run. We are emerging from a period of Government intervention. We are now in a different world. The Government can't fight and win a subsidy war.'
Cable said: 'The best way to back the car industry is to create a good business environment. The Government will continue to back industry in a cost effective way.''