Britain Offers GM Loan to Safeguard Jobs

March 12, 2010

Loan is for $410 million

The British government on March 12 announced it had agreed a loan of 270 million pounds (US$ 410 million) for General Motors to help protect jobs in Britain.

GM had decided to sell its European arm, which makes Vauxhall cars in Britain, but changed its mind after its own rescue by the U.S. government.

Britain's Business Secretary Peter Mandelson said that the loan guarantee to GM Europe "will help secure the companys operations in Britain and the rest of Europe."

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