Darling confirms scrappage scheme
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Chancellor Alistair Darling's decision to include a scrappage scheme in his latest budget has been welcomed by motor manufacturers.
The Society for Motor Manufacturers and Traders (SMMT) released a statement praising the government's decision to offer cash to owners of older cars when they trade their models in.
Announced formally on Wednesday (April 22nd), the scrappage scheme will mean that owners of cars aged ten years or older will be eligible to receive £2,000 off the cost of a new vehicle.
Commenting on the announcement made within Mr Darling's budget speech, SMMT chief executive Paul Everitt said: "This is good news for consumers and will get people back into showrooms, kick-starting demand in the market.
"The scheme recognises the economic value of the motor industry and we are determined to make it a success. There is clearly a great deal to do and we look forward to discussing the finer detail of the proposal with government in the coming days."
It is hoped that the scrappage scheme will stimulate demand and as such maintain the success of the motor industry during the current recession.
