Business Insurance - Automotive sector 'could help economic recovery'

The Society of Motor Manufacturers and Traders (SMMT) has highlighted six key areas which the government has been advised to focus on in order to drive economic growth and make the UK a more competitive destination for automotive investment.

New plans to improve growth and investment included the delivery of generous research and development (R&D) tax credits for those investing in the latest automotive technologies in the UK, as well as the establishment of a 'Low Carbon Vehicle Catapult' to encourage both public and private investment in R&D.

In addition, the government has been urged to reaffirm its commitment to the low-carbon and green vehicle sector, while it is also being called upon to increase its support for the UK supply chain.

Ministers are being encouraged to focus more closely on the attraction of young people to the automotive sector through a greater number of apprenticeship schemes and finally, the SMMT has called for the UK to have a stronger voice in Europe in order to provide a more stable future for the region.

Included in the statement were comments from SMMT chief executive Paul Everitt, who argued: "With billions of pounds committed to UK automotive and the global shift to ultra-low carbon technologies, industry and government can provide domestic suppliers with opportunities and deliver growth through a focused sector strategy, building long-term industrial competencies for the country."

Earlier this month, the SMMT published data highlighting a significant growth in the level of output by British vehicle manufacturers so far in 2012.

According to the organisation's findings, UK engine production increased by 12.5 per cent during August and was up by 1.5 per cent for the year so far. Meanwhile, manufacturing output for cars was up by 12.7 per cent as of the end of August on the same period in 2011.

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We are proud to be a Chartered Insurance Broker. Only around 5% of the UK’s broking firms achieve this prestigious status. Also, we have been a BIBA Member since 2007, the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries, and their customers.

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