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Banks attacked over poor support for automotive sector
publication date: Nov 25, 2010
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author/source: Robin Roberts
Banks have an
outdated view of the automotive industry and are failing to provide
insufficient credit facilities to grow and develop the low carbon industry,
according the out-going SMMT president Joe Greenwell.
"We remain frustrated with the struggles we
face in accessing affordable credit, particularly by those companies in the
supply chain who have such a vital role to play in our growing low carbon
industry," he said.
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"We are still
wrestling with a banking sector that has come to regard automotive as high
risk. This is an outdated view and the banks must think carefully about
government statements concerning advanced manufacturing and the strength of the
automotive industry going forward. There has been a profound change and the
banks should recognise this."
Greenwell said the
economic crisis had allowed the sector to demonstrate its strength and
resilience. "We have sustained our industrial capability and can now take
advantage of a recovering global automotive market." |
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