Interesting report from SMMT on UK vehicle manufacturing.
Much is made in the press about vehicle sales, and rightly so, as it includes the entire vehicle value chain, but a focus on vehicles produced offers a view on not only the state of UK manufacturers but of the component suppliers.
Some UK suppliers have good export markets – but most do not. It means that the fate of their UK production facilities are tightly interwoven with the state of the OEM production cycles. As the UK pulls out of the crisis its worth considering how to grow UK Plc’s automotive component export market.
May’s figures are yet more evidence of why the UK industry, like its global rivals, needs dedicated support to drive a successful restart. Government assistance so far has been vital in keeping many businesses afloat, but the job isn’t done. Measures to boost cashflow, including additional and tailored finance schemes, tax relief and business rates deferral would deliver immediate results when liquidity is most acute.
We have to retain the highly skilled jobs the sector provides but also ensure the business conditions are competitive so we can unlock the investment that will drive long-term recovery – a green recovery – which is inextricably linked the sector’s success.
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