We all know how important the automotive industry is to Britain.
To put this into numbers, in 2016 the industry brought the UK economy £77.5 billion and in 2017 it exceeded the record, with £82bn.
It's also clear to see, Brexit has been challenging for the industry and the news we see daily certainly doesn’t read well for the UK.
I read this week that investment in the automotive industry has halved with major car businesses choosing not to invest into their UK factories. In the first six months of 2017, companies had invested a total of £647.4m, compared to the £347.3m for the same period this year.
It's a significant drop and personally I can’t say I’m surprised.
The SMMT has warned that it is the continued uncertainty and the Government’s lack of a credible plan B that would lead to car makers like Honda, BMW and Nissan literally driving production elsewhere.
The Society of Motor Manufacturers and Traders (SMMT) today called for swifter progress on Brexit and a deal that, as a minimum, maintains customs union membership and delivers single market benefits. With investment slowing and time running out, negotiators must get on with the job of agreeing a deal that will put an end to uncertainty and prioritise the needs of the automotive sector. The call came as SMMT published the latest industry figures showing record turnover, the result of long planned investments, but amid growing concern that progress could be reversed in the absence of clarity on our future regulatory and customs relations with the EU.
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