Will Mandy’s latest scheme kickstart the car industry?

What to make of Peter Mandelson’s latest idea to prop up the car industry, as splashed by today’s Times?  Basically, the plan is that the Bank of England will use taxpayers’ cash to back the loans offered by finance companies to potential car buyers.  And the hope is that this will free up credit and stimulate demand for all those cars sitting unsold on garage forecourts across the nation.