03 February 2010
Scrappage scheme extended
The UK scrappage scheme is to be extended until the end of March, in support of the recession busting surge in new car sales.
However no new money will be released into the scheme, simply extra time to spend what's left from the existing fund which has so far seen £400 million invested in the scheme.
From the 400,000 vehicle limit some 330,000 new cars have so far been sold, leaving 70,000 units available for the run up to April - well timed for the new '10' plate due out in March.
Business secretary Lord Mandelson commented:
'Against the background of the economic downturn the scrappage scheme has proved a great success, driving UK car sales, protecting jobs and supporting the supply chain for car manufacture at a time when this sector needed it most.'