BUSINESS Secretary Lord Mandelson has pledged Government support in underwriting a deal to buy struggling car company Vauxhall. He toured the Luton plant, which has 1,500 workers and supports another 4,000 jobs, where he met managers and union officials as talks continued with potential buyers of its parent company. He said the Government would underwrite a deal for the sale of GM Europe, but refused to be drawn on the sums involved. “I have seen the performance record, I have seen the productivity, I have seen the safety and the lack of absenteeism. Unlike in the past when we saw Britain’s carmakers and their unions frankly being part of the problem, it’s very different now. Definitely here in Vauxhall they are part of the solution.” Canadian car parts maker Magna, backed by Russia’s State-owned Sberbank, was selected last... [read full story]
