Ed Miliband MP, Labour’s Shadow Business Secretary, commenting on the announcement by McLaren about their plans to cut 1,200 jobs, said:

“This is further devastating news for our manufacturing sector and incredibly worrying for the workers involved.

“The government loans scheme for large companies is not working when a great British company like McLaren does not get access to finance.

“The government must be far quicker in reacting to concerns raised by businesses, many of whom employ thousands of people in vital industries. Changes should be made immediately to CLBILS so certainty is provided and businesses aren’t left waiting for support.

“Further delay from government will only increase uncertainty for these vital sectors, at this critical time when jobs and livelihoods need to be protected.”