SMMT News Statements

SMMT reaction to the Chancellor’s Autumn Statement

22 November 2023 #SMMT News #Statements

Mike Hawes, SMMT Chief Executive, said:

Last Friday’s announcement of £2 billion for zero emission advanced automotive manufacturing was an unequivocal vote of confidence in the sector. The Chancellor’s statement today, with its focus on business growth, responds to our industry’s need for measures that allow UK automotive to compete for investment. The attractiveness of the UK will be bolstered by permanent full expensing and, given the importance of decarbonising the market and manufacturing, speeding up grid access.

The UK proposition is enhanced by these measures but it is equally important that they can be accessed. The implementation of the Harrington Review on foreign direct investment must help simplify and speed up the process.

We now look forward to the government’s advanced manufacturing plan, its battery strategy and how it will support consumers in making the switch to zero emission motoring as we must not only make these vehicles locally but sell them.

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