UK: Greece will stay in Euro believes BMW UK MD
BMW's UK managing director says he believes Greece will stay in the Euro currency as the the South East Europe country's woes continue to create huge bow waves of economic uncertainty for automakers.
Greece is teetering on the edge of an exit from the Euro – orderly or otherwise – but BMW UK chief Tim Abbott is convinced the country will remain anchored to the currency as its fellow Europeans implement their own swingeing raft of austerity measures.
“Both [the] French President and German [Chancellor] have said they want Greece to remain in the Euro,” he told just-auto at this week's 640d Gran Coupé launch in France. “I genuinely think that is what will happen. The [UK] government is into its five-year cycle and it is taking the pain as it sets out its austerity measures. The rest of Europe has to make up its mind what it has to do.
“It is clear everyone in this [automotive] environment has to look at how to take cost out. The pound [sterling] is strengthening and the UK is seen as a safe haven – exports are improving and our Mini is doing well.
The BMW UK managing director warmed to his political theme by noting British Business Secretary Vince Cable was a willing partner in promoting the automotive industry in the country.
“Cable listens to the industry and is involved with the SMMT” [Society of Motor Manufacturers and Traders], he said. “He is taking back views [to government] and we are giving ours.
“We are supportive of the apprentice programme and we are putting talent in the lower levels coming through.”