The business secretary Vince Cable has announced to the Society of Motor Manufacturers and Traders (SMMT) that he believes the motor and Car Finance industry are the backbone to the UK’s economic recovery and potential success.

He is quoted to saying: “It’s becoming clear the government’s success depends on the automotive industry”. Despite Cable’s praise, he stated that the government will not be giving car makers cash incentives. He continued to state: “we don’t want to go around waving a cheque book”.

Strong words indeed from Cable, but it will be welcome praise we’re sure for the bruised ego of the motoring industry.