Chancellor Alistair Darling has confirmed the introduction of a scrappage scheme that will provide a £2000 discount on new cars.
The discount will be applied only when the owner trades in another vehicle aged 10 years or more that they have owned for longer than twelve months.
£300m has been set aside for the scheme. The Government will contribute £1000, a figure that will be matched by manufacturers participating in the scheme.
The program will be introduced over the next month and is scheduled to last until March 2010 or until the money runs out.
