LONDON -- The UK's car industry body has launched a program backed by the government to support struggling suppliers and prevent more job losses amid the coronavirus pandemic.
The 'Safe Harbour Scheme' will allow companies to support critical suppliers without being at risk of flouting anti-competition rules as output slumps, the Society of Motor Manufacturers and Traders said in a statement on Tuesday.
Businesses will work with customers, lenders and creditors to reduce the chance of insolvencies, with the SMMT facilitating the engagement so that measures can be found to keep companies operating.
At least 14,000 industry jobs have gone so far in 2020.
The program "should provide valuable breathing space as the sector restarts and business and consumer confidence recovers," SMMT CEO, Mike Hawes, said in the statement.