Speaking at the UK Automotive Council UK and UK Trade & Investment (UKTI) conference, ‘Business is Great Britain’, John Leech, UK head of automotive at KPMG, comments on business opportunities in the UK automotive supply chain and how international supply chain companies can benefit from tapping into them:
“As UK manufacturers struggle from waning demand for their products from Europe, the Government’s ambition to rebalance the economy has faced an extra challenge in recent months.
“Foreign-owned car manufacturers have invested over £6 billion in the UK’s automotive industry which stands out as a leading and growing segment of the UK’s manufacturing sector. But the auto sector’s ability to grow is constrained by the restriction of credit from the banking sector. The UK Government has recognised this and will gather overseas investors [today] to encourage new investment into the automotive supply chain.
“It’s been over 40 years since the prospects for growth in the UK automotive supply chain were this good. We are on the cusp of significant inward investment which is necessary if the UK is to fulfil its ambition to regain a world-class automotive supply chain. Importantly now there is a political consensus for a new Industrial Strategy and it is the automotive sector that could provide a clear blueprint.”
Notes to Editors:
The Society of Motor Manufacturers and Traders (SMMT) launched a new report, compiled by KPMG that sets out why the UK has become a destination of choice for global vehicle manufacturers. The report also explains the major supply chain opportunities that exist and what makes the UK an increasingly attractive market.
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