Lord Mandelson has promised cash to secure Vauxhall’s future in the UK if General Motors is prepared to commit to Britain.
Speaking to Autocar at today’s SMMT conference, Mandelson said that tax payers money would be forthcoming after GM’s restructuring plans which are expected to be annouced by GM Europe boss Nick Reilly at the end of the month.
"Is Britain prepared to put up money?," he said. "Yes. But GM needs to have good news for Vauxhall in the UK if they are going to get tax payers money."
However Mandelson wouldn’t be drawn on whether rumours that £300 million would be made available.
"We haven’t been asked yet but it’s a negotiation."