Liberal Democrats across our area have welcomed the news that Jaguar Land Rover (JLR) is to receive a a £270 million European loan to help safeguard its future after months of delays. What is still holding up the actual receipt of the loan is the need to get British government loan guarantee approval to underwrite its value. This approval is vital if the money is to come to JLR and help it through the worst recession to hit the British car industry since the the 1960s.
Solihull Liberal Democrat MP Lorely Burt, whose constituency covers the giant JLR Lode Lane plant, said: "I am absolutely delighted, but my immediate response is, 'About time too!'.
"The company is not asking for anything other than a Government-backed loan here. They are not asking for a bailout - they have done everything they can to retain as many employees as possible. This is the most welcome news that I could possibly imagine.
Lorely Burt's words are being echoed by many other local Lib Dem representatives and all of us in the region where JLR makes such a big contribution to the local economy.
Mrs Burt also said: "The Government now needs to act as speedily as possible to endorse this decision. I will be knocking on Lord Mandelson's door today to make sure that this loan is now guaranteed."
Lib Dems are supporting Mrs Burt in her urgent call to Gordon Brown and Peter Mandelson to issue a quick approval to this crucial loan - for all the residents of our area.