Nissan and JLR secure European funding
The European Investment Bank (EIB) has approved funding for Nissan and Jaguar Land Rover in the UK.

A £340 million package has been approved by the EIB for Jaguar and Land Rover and Nissan’s UK and Spanish operations have been given a £370m package.

Both manufacturers will invest the money in research and technology of fuel efficient models.

A spokesman from Unite the union said: "We wish it could have come sooner but we have it now so we're very pleased.

"This is certainly not a handout. This is a loan which will be repaid to the Government as soon as we are in a position to do so."

The EIB loans have to be guaranteed by the Government before any money is paid to the manufacturers.

The Federation of Small Businesses welcomed the EIB's support, but said the loans had to be implemented as soon as possible by the government to ensure businesses involved in the supply chain could benefit from it.