Uk automotive industry statisticsThe vehicle industry in the UK is no longer booming as considerably as it used to. After a element of the country’s national identity, automobile brands Rolls Royce, Bentley and Jaguar are no longer British brands. As you may anticipate, motorsport makes a enormous contribution. The Motorsport Industry Association (MIA) says there are roughly four,500 businesses involved in the UK motorsport and efficiency engineering market. Our world-beating F1 organization takes all the headlines with teams such as world champions Red Bull and German giant Mercedes based here, but as a entire motorsport yields 38,500 jobs. The market also boasts an annual turnover of £6bn, of which £3.6bn is from exports. Of the jobs, the MIA estimates 25,000 are qualified engineers and its analysis and improvement commit amounts to 30 per cent of turnover, dwarfing even the IT and pharmaceutical industries.
At present practically 80% of vehicles built in the UK are destined for export (with the EU being the most significant market) and about 60% of components utilized in manufacture are imported. This tends to make the position on tariffs, custom charges, other trade barriers and exchange rates critical elements in the future wellbeing of the UK motor sector. Clearly the Brexit vote and subsequent negotiations on the terms of the UK exiting the EU may possibly have a considerable influence on these items.
The regional development fund, enhanced R&D tax credits and the willingness of ministers and even the prime minister to lobby for the UK’s …Read More