SMMT response to meeting with Lord Mandelson

Commenting on today’s meeting with the secretary of state for Business Enterprise and Regulatory Reform (BERR), SMMT chief executive Paul Everitt said: “It was a serious and constructive meeting underlining the strategic importance of the UK motor industry. We acknowledged the positive steps set out in yesterday’s statement and have agreed to work together to ensure that companies of all sizes are able to access the various government support schemes, including those announced yesterday (Tuesday 27 January 2009).

“As an industry, we emphasised the lack of specific proposals to stimulate demand in the market and ease consumer credit, but have agreed to meet officials later this week to discuss technical issues holding up the ability of vehicle financing arms to get access to Bank of England funding.

“In addition, we will have further discussions on measures to stimulate consumer demand, including reviewing action and planned action in other EU member states.”

Why is the automotive sector important to the UK economy?

·         27 car and CV manufacturers operating in the UK

·         1.75m cars and commercial vehicles produced each year

·         £51b turnover

·         £9.5 billion value added

·         Over 800,000 UK jobs

·         UK automotive manufacturing supplies over 100 markets worldwide offering some resilience to the UK issues

·         New cars emit less CO₂ than older models – the average new car CO₂ emissions have fallen 16% in the last decade