This week’s speech by retiring Society of Motor Manufacturers and Traders president Joe Greenwell at the organisation’s 94th annual dinner, highlighted just how far the UK has come in battling through what some are already labelling the ‘Great Recession,’ but emphasised the role British banks should play in the ensuring recovery.
Greenwell noted despite intense pressure on public expenditure, the industry had secured a consumer incentive for ultra-low carbon vehciles and specific support for companies investing in new products, as well as R&D activities.
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The SMMT appears to have caught the attention of the – relatively new- administration – with what seem to be good relations established between it and business secretary Vince Cable’s department.
Greenwell highlighted the Automotive Council partnership with government and staying on the political front, welcomed the news the majority of skilled workers employed in the UK through the Intra-Company Transfer arrangements, would be exempt from the proposed immigration cap.
The outgoing president equally hailed the Automotive Council’s influence overseas with the the possibility of a similar institution being replicated in Germany.
The Council appears to a genuine success story in the industry and Greenwell emphasised the continuity of political relations.
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By GlobalData“I said last year there was renewed enthusiasm in the corridors of power for the manufacturing and engineering in this country and frankly, this has been carried forward by the coalition government,” said Greenwell.
The conditions are right. It is now down to us to take advantage of this new mood and make the next move towards a dynamic, renowned motor industry in the UK.”
Despite the progress, Greenwell expressed frustration at what he described as struggles accessing affordable credit, particularly by companies in the supply chain.
“We are still wrestling with a banking sector that has come to regard automotive as high risk,” he said. “This is an outdated view and the banks must think carefully about government statements concerning advanced manufacturing and the strength of the automotive industry.
“There has been a profound change and the banks should recognise this.
