Chancellor urged not to cut spending for auto industry

20th June 2013

Ahead of the chancellor’s 2013 Spending Review, the UK automotive industry is fighting for funding by reminding George Osborne of the widespread benefits provided by the sector. The Society of Motor Manufacturers and Traders (SMMT) is leading the initiative, urging the chancellor to commit to long-term funding through the Advanced Manufacturing Supply Chain Initiative (AMSCI) and the Regional Growth Fund (RGF). Both funds have encouraged investment in the industry and helped establish stability throughout the sector.

"The UK automotive industry is providing a significant boost to the UK economy, through strong new car sales, unprecedented levels of capital investment and rising manufacturing output,” said Mike Baunton, SMMT interim chief executive. “The drive to rebuild the UK automotive supply chain, increase automotive R&D, and bring innovative UK technologies to commercial maturity holds great potential for future economic growth and greater employment in UK automotive.”

SMMT are also pushing for additional funding for development of fuel-efficient, eco-friendly vehicles. Research and development in this field will help the UK meet decarbonisation targets and could increase employment in the sector.

Innovations throughout the green automotive industry which be welcomed across the UK, as demand for fuel efficient vehicles is increasing.

If you own an eco-friendly vehicle, maximise its performance by taking it in for regular inspection and servicing at ATS Euromaster.

Posted by Additional funding for automotive industry could provide a ‘significant boost to the UK economy’, according to the Society of Motor Manufacturers and Traders.