The UK motor industry has urged Chancellor George Osborne to consider the “significant” economic contribution made by industry when he makes tough decisions in the Comprehensive Spending Review, on October 20.
In a letter to the chancellor, The Society of Motor Manufacturers and Traders (SMMT) called for emphasis on easing access to finance and credit for businesses and consumers, encouraging investment in UK skills and low carbon research and development (R&D), and promoting international trade.
SMMT acknowledged austere times and outlined opportunities for government to ensure industry remains productive, strong and prosperous, through identifying measures where spending must be protected or where more investment is needed to help re-balance the economy.
The submission stressed concern over announcements in the emergency budget, such as capital allowance reduction and uncertainty over R&D policy, which could impact on industry investment and the ability to demonstrate that it is ‘open for business'.
"Industry recognises the challenges facing government in reducing national debt while maintaining public services and fully supports plans to see a re-balancing of the economy," said SMMT chief executive Paul Everitt.
"It is essential that government and industry work together to identify priorities for the limited resources that are available.
"The UK Automotive Council is forging a strong collaborative partnership between industry and government and has established a clear, long-term strategy for the UK automotive sector.
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Gareth Roberts
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