SMMT reaction to the Spring Statement
Mike Hawes, SMMT Chief Executive, said, “Measures to help address the accelerating cost of living are welcome but business also needs support, especially on energy, investment and skills. Time is of the essence as the industry is not yet in recovery but costs are increasing rapidly, undermining U.K. competitiveness. Government could have acted today to help automotive manufacturers alleviate soaring business energy costs and encourage investment.
“We look forward to working with Government on its proposals for business investment and, especially, super deductions which are highly valued. Manufacturers have committed £10.8 billion to UK EV and battery R&D and production in our first ‘electric decade’. Driving even more investment will be essential if we are to supercharge automotive manufacturing – and the jobs and economic growth it creates – during its biggest transformation in 100 years.”