Attributable to: Paul Everitt, SMMT Chief Executive
Government’s commitment to an industrial strategy is a significant and important development for the recovery and growth of the UK economy.
Government’s action and attitude towards the long-term development of our business environment has a significant impact on both private sector investment and the shape and value of our industrial landscape.
It is right that the strategy recognises the value of every sector of the economy and works with key industries, through a government-backed ‘business bank’, to increase investment in R&D, skills and capital equipment.
The motor industry fully supports the approach outlined by the Secretary of State and will work closely with him and through the Automotive Council to enhance further the UK as a globally competitive location for automotive investment.
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SMMT has consistently highlighted to government the need for a long-term, cross-party, industrial policy. In March 2012, SMMT Chief Executive, Paul Everitt spoke at the TUC conference and stressed that a formal Industrial Policy was essential to the long-term success of UK plc and the growth of the economy.
While industry has enjoyed recent unprecedented levels of investment from international vehicle manufacturers (more than £6bn in the last two years), the formalisation of an industrial strategy will serve to boost the UK-based supply chain, encouraging further investment and growth. For a list of recent investment announcements, go to www.smmt.co.uk/industry-topics/uk-automotive/investment/.
For information about the Automotive Council, visit www.automotivecouncil.co.uk.
