Staveley Head

Staveley Head

April 08, 2010 07:00 ET

Vauxhall Jobs Are Safer Thanks To New Funding

FLINT, UNITED KINGDOM--(Marketwire - April 8, 2010) - A leading broker specialising in cheap van insurance has welcome news The Department for Business, Innovation and Skills is to loan money to GM Europe.

 The Department for Business, Innovation and Skills has announced a £270 million loan to General Motors Europe via the Automotive Assistance Programme (AAP) for investment in UK and the continent. This is in addition to the £1.7bn financial injection announced in March by its US parent company General Motors (GM).

The loan will be used to help secure Vauxhall's manufacturing bases in Ellesmere Port and Luton, and also Opel's operations in the rest of Europe. The loan is the first to be awarded under the AAP.

Nick Reilly, CEO of Opel/Vauxhall, said "We very much appreciate the support of Lord Mandelson and the British Government which is a vote of confidence in Vauxhall, helping to sustain jobs and the excellent manufacturing operations we have in the UK."

Parent company, the Giant US based General Motors, had previously announced that it was trebling its support package for its troubled Vauxhall/Opel subsidiary from £600m to £1.7bn, which represented more than 50% of the total funding required to make its restructuring scheme possible, in the hope that the move would persuade the EU Governments to guarantee the rest of the funding. Vauxhall believe that GM has played its part and it is now time that EU Governments, particularly Germany, step forward to act as guarantors for the balance of the funding required.

A spokesman for Staveley Head said "This combined funding will go a long way to securing the future of van production in Luton, and Astra manufacture in Ellesmere Port. It's a very welcome boost to the ailing British motor manufacturing industry which last year saw the closure of van production at Leyland Daf and will probably soon see the removal of manufacture of the famous TX4 taxi to China."

The AAP is designed to support the delivery of investment in the UK automotive sector and UK automotive supply chain, focusing on creating or maintaining jobs, developing technology, reducing CO2 emissions and maintaining UK research and development capacity in vehicle manufacturing.

Based in Flintshire, North Wales, Staveley Head are a family firm who have been in the van insurance business for over 15 years. They work with a number of other high-profile firms to seek out the most affordable deals for their clients.

Staveley Head are well known across the UK for a variety of reliable, low-cost motor insurance products. Their full range of insurance products is available both through their fast online quote system at www.staveleyhead.co.uk or in-house at their Flintshire office.

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