Industry and Exports (Financial Support) Bill

Let me clarify the situation. Jaguar Land Rover has successfully applied to the EIB for a loan to undertake a number of green projects, and it will be up to the Government to provide a guarantee for that loan. That is part of the package of support that Jaguar Land Rover will need to secure its long-term future. We are in discussions with the owners of JLR, as well as its management and its banks, about a package to ensure that it can continue to develop its model programme and have a secure future. The hon. Lady knows JLR well because of her constituency connections. She will be aware that as a west midlands MP, I am also fully aware of its strategic importance not only to the west midlands economy but more generally to the automotive industry in the United Kingdom. We need to continue the discussions that we are having. However, I emphasise the fact that JLR is a successful company that, as with all motor companies, is suffering from the severe economic downturn, which has affected its business just as other businesses in the automotive industry have been affected. However, it was making good profits in the period January to June 2008, and there is absolutely no reason why it cannot do so in future. We need to continue to consider what is the appropriate role for Government in providing support to JLR, and we are doing that in the discussions that we are taking forward with it at the moment. The other point that I want to make about clause 1 is related to the request from the hon. Member for Hertford and Stortford that we seek to break down how much has been provided in grants and how much will potentially be provided in loans and loan guarantees. I do not have those figures to hand, but clearly expenditure, whether in the form of grants, loans or loan guarantees, all scores towards the need for an authority to spend. We are seeking in the Bill an increase in the limits. However, I will reflect on whether we can provide more and better information, not just in the form of an annual report but on a slightly more regular basis. It would not be appropriate to have a running commentary every week or month, but I recognise that it is not unreasonable to want some more detail about spending progress.