Automotive Industry

Part of Women and Equality – in the House of Commons at 3:32 pm on 27th January 2009.

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Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury 3:32 pm, 27th January 2009

I am always happy to meet my hon. Friend. There is a significant and complex issue to be grappled with, but we want to see progress. I think that Mervyn Davies will be an excellent man to take lead responsibility for ensuring that we can make that progress, and I hope we can do it quickly. Even if we do ensure that credit is available to the car financing arms, however, there is a question to be asked—whether people still want new cars, sales of which fell dramatically in November and December.

We need to restore overall public confidence if people are to want to buy cars in the future, even if they are to buy them through cheap finance deals. That is why the wider measures we are taking to boost the economy are so important. Restoring public confidence is one of our vital tasks, and I should be happy to discuss that with my hon. Friend, as well as the specific issues relating to car financing arms.

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