The auto industry is experiencing one of the hardest economic times in many years and rebuilding trust and returning sales to levels of profitability will not be an easy feat.
In spite of this dire circumstance, the CEO of one of the struggling car manufacturers however has refused a government funded bailout.
David Smith, CEO of Jaguar Land Rover, said that although he did not want to face the current crisis alone, he wanted to get credit flowing again either from direct lending or state-backed loans instead of a bailout. The crisis is aggravated because consumers are not spending or lending.
Representatives of the car industry will meet officials of the British government to talk about what they can do to protect jobs and increase demand.
Although some initial steps toward a British economic turnaround were positively advanced beginning in October of last year, more action is needed if the economy is to experience any real benefit.
The government and the Bank of England undertook some projects in the latter part of the previous year which included opening up the banking system and, encouraging spending, by reducing interest rates.