Business Secretary Lord Mandelson has ruled out extending the car and van scrappage scheme under which owners can obtain a £2,000 discount on a new vehicle when they trade in a model that is more than 10 years old.
Since the scheme was launched in May more than 150,000 vehicles have been ordered through the programme using up more than half of the £300 million that the Government earmarked for funding.
In recent weeks there have been calls for the scheme to be extended beyond either the day when the cash runs out or the official March 2010 cut-off date set by the Government.
However, with the cash expected to run out within weeks - largely due to the demand for new vehicles in September as a result of that month's registration plate change - Lord Mandelson said: "We always said there was a fixed sum and timescale, and the Government has no plans to change that."
As a result, unless motorists order their new motor within a few weeks they risk losing out on the cash subsidy.
Source: Financial Times
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