By Our Business News Staff
A statement on British Leyland is expected in the Commons today, according to the Press Association political correspondent.
Last night a Department of Industry spokesman said that he could not comment but advised inquirers to keep in touch with the department today. Lord Stokes, chairman of British Leyland, and leading company officials have, been having regular discussions with the Government for several months.
Both sides have often stressed that the talks were informal and designed mainly for exchanges of information. However, as one Leyland official remarked last night, in view of Mr Healey’s Budget remarks it could be taken as read that recent discussions would have touched on the topic of nationalization.
“£50m aid “
Mr Wedgwood Bean, Secretary of State for Industry, is expected to tell the House of a call by British Leyland for £50m in government aid to avoid heavy redundancies, protect its investment programme and ensure its survival the Press Association reports.
In October, Mr Alex Park, the company’s finance director, said British Leyland needed to find another £70m in working capital.
Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...
Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.