Government to invest heavily in automotive

Government to invest heavily in automotive

A joint UK motor industry and government automotive strategy has committed to invest well over £1bn in additional funds over the next 10 years to secure the growth of its vehicle and component manufacturing sector. This latest funding supports UK investments in recent years by global automotive companies.

Industry and government will fund a range of projects including the creation of an Advanced Propulsion Centre, thousands of new motor industry apprenticeships and the creation of an Automotive Investment Organisation. The development of the strategy also sees the provision of finance for tooling investments in the supply chain, and a renewed commitment to encourage the UK as a lead market in the production of low emission vehicles.

 

Key elements include:

  • Technology – the creation of an Advanced Propulsion Centre to enhance the UK’s expertise in research and development.
  • Inward investment – the creation of the Automotive Investment Organisation to drive UK investment.
  • Skills – an industry framework for skills, including the creation of 7,600 apprenticeships and 1,700 graduate jobs over the next five years
  • Supply chain – driving growth and competitiveness including creating a framework to solve the problem of financing tooling investment
  • Low carbon – financial support to encourage consumers into lower emission vehicles, and to grow manufacturing investment
  • Business environment – establishing better cross-government relationships by including HM Treasury on the Automotive Council to ensure the UK remains an attractive place to invest.

UK automotive industry at a glance:

“The motor industry is a major contributor to the UK economy and has been increasing that contribution in a challenging economic environment. Our goals are to grow vehicle production and component supply with more investment, jobs and advanced technology developed in the UK,” said Mike Baunton, SMMT Interim Chief Executive. “The Automotive Council is an exemplar of industry and government working together to build long-term success. I am confident that the strategy and the joint investment by government and the industry will make the UK an even more attractive place to design, build and sell automotive components and vehicles.”

Click “More Details” to view the full UK automotive growth strategy.

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