Jaguar Land Rover loan good news for jobs and the environment
Posted, April 07, 2009 @ 13:00
Brussels, 7th April 2009 -- Conservative West Midlands MEP Malcolm Harbour has welcomed the European Investment Bank's loan to Jaguar Land Rover, saying it will bring positive benefits for local jobs and for the environment.
The EIB is announcing around £340m for JLR, which must be used for investment in research and development.
Malcolm has been deeply involved the European Union's policy strategy for the automotive industry (dubbed CARS 21) and worked on the conditions associated with the loan packages announced today.
Malcolm visited the JLR R&D facilities last Friday and was impressed with the work being carried out to reduce emissions. He was briefed on JLR's plans to increase the amount of recycled aluminium used in new cars and mechanical improvements such as hybrid functions, start-stop, braking regeneration, flywheel hybrids and micro-hybrid systems.
Last year the European Parliament passed a new package on reducing CO2 emissions from cars. Conservative MEPs were able to secure a special 'niche provision' in the legislation for JLR as their range of vehicles would have been hit disproportionately by the formula used in the legislation. Under the Conservative proposal, JLR will still be required to reduce their emissions by far more than the average vehicle manufacturer - but not by the crippling levels envisaged in the new legislation.
Mr Harbour said:
"Jaguar Land Rover is a crucial employer in the region and our local economy would be devastated if it is allowed to fall behind its other European competitors.
"This is not a handout. It is an investment that will secure jobs and build cleaner cars for the future. It will also give a much-needed boost to suppliers, especially in the West Midlands.
"Jaguar Land Rover is being squeezed from both sides. The market and politicians want cleaner cars but manufacturers no longer have the resources to invest in developing them. If we want our hard-pressed manufacturers to continue investing in meeting the laudable demands to cut emissions we will have to put our money where our mouths are.
"Jaguar Land Rover has impressive research facilities and this loan will enable the many projects ongoing at Jaguar Land Rover to continue."