Modeling Journey

Lois Brown MP, Newmarket-Aurora

LOIS BROWN: CANADIAN AUTO-AID PACKAGE WELCOME NEWS

FOR NEWMARKET-AURORA

DECEMEBER 21, 2008

(Newmarket-Aurora, ON) - Newmarket-Aurora MP Lois Brown says that the financial aid package for the Canadian Auto Industry announced December 20 by Prime Minister Harper and Premier McGuinty is welcome news for Newmarket and Aurora.

Highlighting the three-point plan is $4 billion in loans payable to General Motors of Canada Limited and Chrysler Canada Inc. by the Government of Canada and the Government of Ontario, extended through Export Development Canada (EDC). There will be conditions attached to the financing extended to the automakers and the federal and provincial governments will exercise oversight over the use of taxpayer money as part of its ongoing due diligence. The loans are expected to provide additional time for the auto manufacturers to reduce structural costs and ensure a viable auto industry in Canada.

Prime Minister Harper also announced two additional steps that the federal government will undertake to support the overall competitiveness of the auto industry. Automotive suppliers will have greater access to accounts receivable insurance through federal Export Development Corporation coverage to compensate for the reduced availability of credit. Additionally, the Government of Canada will create a new facility to support access to credit for consumers with particular attention paid to improving the accessibility of car loans and dealer financing.

“This made-in-Canada, three-point auto aid package is welcome news for Newmarket and Aurora,” said Lois Brown. We have taken a holistic approach, and these measures will assist suppliers and consumers including the numerous automotive retail and supply industries located here. I am especially pleased that Prime Minister Harper and our government incorporated the advice forwarded from the local auto dealership round table meeting I recently conducted. All three recommendations resulting from that meeting were addressed in this auto aid package with the inclusion of support to auto suppliers, consumers and by extension retailers, in addition to assistance for large auto manufacturers.”

Lois Brown had received three key suggestions from her recent auto dealership round table; stimulate consumer spending, assist in extending credit for automotive purchases, and support Canada’s large automotive manufacturers.

The Canadian auto aid package comes one day after an announced U.S. $17.4 billion auto aid package.

Lois Brown is the Member of Parliament for Newmarket-Aurora. She is a member of the House of Commons Standing Committees for Transport, Infrastructure and Communities, and Foreign Affairs and International Trade, and is the Vice-President of the Conservative Party Auto Caucus.

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Jackie Cousins

Media Contact