The UK car industry has warned that the government's decision to end employee car ownership schemes (ECOS) could result in losses of more than £1 billion in revenue, throttle used car sales and put 5000 manufacturing jobs at risk.
ECOS, operated mainly by car makers and dealers, allows employees to buy brand-new cars at significantly reduced prices, with low monthly repayment bills and little to no interest charged.
Usually, after six months or 6000 miles, the employee then sells the car back and replaces it with another under the same terms.
