PETER MANDELSON had three months to come up with a meaningful package of measures to help the British car industry.

His response, published yesterday, looks pathetically inadequate compared to the efforts of other European countries and the US.

A large chunk of the £2bn lending package depends on EU state aid clearance. As a result, no date has been set for when the loans and loan guarantees will be available.

And because it comes from the European Bank’s fund for environmentally- friendly investment, the loans will have to be used for green technology — not day-to-day working capital or paying wages.

A £2bn package will not go far anyway.

It certainly will not stretch to the thousands of component suppliers who are feeling the pinch.

Manufacturers were hoping for short-term help with credit, so people can start buying cars again.

All they got was a vague promise that the Trade Minister would draw up “a plan”. Once more, no timetable is in place for when this will happen.

The Government’s laissez-faire response is in stark contrast to the French government. It promised “massive” support to car firms prepared to keep factories open.

The French plan will allow companies to invest in new products and provide credit to car showrooms.

France’s Prime Minister, Francois Fillon, said: “When there is a fire, you have to act rapidly.”

Sadly, it seems that Peter Mandelson is still content to ignore the alarm bells.