Economy

Vauxhall today confirmed that it will invest £125 million to continue manufacturing at its Ellesmere Port plant in Cheshire, creating 700 new jobs.

Staff at Nissan Sunderland capped the plant’s 25th anniversary year with a string of new UK car industry records. In 2011, the plant made a total of 480,485 vehicles, besting the 423,262 cars produced in 2010, which was the first time any UK car plant made more than 400,000 cars in one year.

A new report, published today, has highlighted the need to get capital into the UK’s automotive supply chain to stimulate growth and take advantage of the opportunities created by recent OEM investment announcements.

The Chancellor has responded to industry calls to reform the R&D tax credit system, announcing the change to an ‘above the line’ credit in today’s Autumn Statement. The reform will signal the UK’s international competitiveness, generate more investment in UK R&D, safeguard jobs and affirm the country’s status as a prime location to base high-skill operations.

In a letter to the Chancellor, SMMT has called on government to use next week’s Statement to deliver tangible changes to unlock private sector investment and support export-led growth.

Reforms to R&D tax credits could drive an increase in R&D investment in the UK and boost job creation, according to an independent report published today.

This week, SMMT has stepped-up its engagement with UK and international investors, setting out prime growth opportunities offered by the shift to a low carbon economy.

A cross-party group of MPs and Peers will today publish a report calling on government to support UK automotive to ensure industry achieves its potential as a significant driver of growth.

Today, the House of Commons Business Innovation and Skills Committee published a report into trade policy and government’s strategy to support UK exports.

The Chancellor opened the Government’s Budget and Growth Review in the context of creating a strong and stable economy, growth and fairness. This briefing sets out the Key budget measures UK Economic Outlook and OBR revised forecasts Growth Review Annex:…