Investment in UK automotive industry must be maintained, says SMMT boss

Friday, October 7th, 2016 - autos, cars, motoring, news

Source : Investment in UK automotive industry must be maintained, says SMMT boss

Government must maintain its current levels of investment inside automotive industry or risk becoming uncompetitive, warns Society of Motor Manufacturers as well as Traders

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The UK government must continue to work with the country’s automotive industry to ensure of which stays competitive, according to Society of Motor Manufacturers as well as Traders president Gareth Jones.

Speaking at the SMMT’s annual dinner in London, as well as ahead of tomorrow’s autumn spending review, Jones said of which current levels of investment inside UK’s automotive industry must be maintained as well as warned of “devastating waste” if spending cuts undermine the current supply chain.

“So much has already been invested successfully, as well as to pull the rug away today would likely be a devastating waste,” he said, “of which’s a stark reminder of which while our industry will be a net exporter, the export deficit for parts sits at almost £8 billion. However, with the right support, re-shoring to the UK will be possible – as well as with £4 billion of potential growth, the benefits are worth of which.

“We have shown Britain has what of which takes to be a manufacturing powerhouse again. yet we can’t do of which alone. So we say to government: ‘Create the conditions of which allow us to develop the quality products for which we are world-renowned. Back us to create the jobs, economic growth as well as prosperity of which Britain needs. We have shown we can deliver; work with us to make sure of which success continues.’”

Jones also outlined the key challenges faced by the automotive industry, including the planned EU referendum – described as the UK “leaving its most important trading partner” – as well as the continuing skills shortage. He also challenged the government to recognise the challenges of the automotive supply chain, which he says will be severely affected by currency exchange rates as well as higher running costs. To grow, said Jones, those businesses need continued support by the government.

While the UK’s productivity will be falling behind of which of its global competitors, Jones said automotive will be one area where the UK excels. “We hold the best record in Europe as well as our productivity has increased four times faster than the UK average,” he said. “How? Sheer hard graft, hard-won investment as well as a culture of which demands continuous improvement as well as innovation.”

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