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Business

Nissan didn't get cash promise - UK ministers

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Opening sequence

Business

Nissan didn't get cash promise - UK ministers

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COMING UP:Nissan didn't get cash promise - UK ministers

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Transcript

00:00:00
>> We've been showing Nissan and others that we are committed to getting the best possible deal from the future relationship that we will be negotiating with the European Union.>> Theresa May explaining Nissan's deal with her government to keep investing in the UK. The Japanese giant had threatened to quit over Brexit worries.
00:00:17
Now it will stay, but what exactly has the company been promised? Rival carmakers and taxpayers would like to know. Reuters correspondent Costas Pitas says Business Secretary Greg Clark denies any cash payment.>> He said there was no checkbook involved, he said there was no haggling with Nissan to secure that key investment in its plant in the north of England.
00:00:39
There are a lot of others who are skeptical about that. What we've heard from a source is that there is a letter promising relief to Nissan, in the eventuality that Brexit does lead to extra costs making the plant less competitive.>> Jaguar and Land Rover immediately saying it would like the same assurances, whatever they may be.
00:01:00
Ford calling for a level playing field for all car makers. And other sectors are watching too. Financial services are Britain's biggest export, and major banks would also like some support. The opposition Labour Party says the Nissan deal is a sign of muddled thinking.>> We've heard of a deal with Nissan, which I welcome.
00:01:17
But does this mean the government is gonna do deal by deal, company by company or area by area? We just don't know.>> Ministers so far resisting pressure to release the details of the Nissan agreement. With a queue of other companies forming at the door, that position may prove hard to sustain.