UK Government promises up to £2.3 billion for car industry

The weak economy knows no borders, rampaging across the globe taking its toll in lost jobs and bankruptcies. The car industry in particular is no stranger to this strife, and some might say Great Britain's carmakers most of all, considering their rocky history. Today UK Business Secretary Lord Mandelson announced the government will offer loans totaling up to £1.3 billion with another £1 billion in guarantees to the struggling industry (£2.3 billion, or $3.25 billion in total). Far from a bailout, and coming up well short of the $17.4 billion already promised to U.S.