New UK secretary of state for Business, Innovation and Skills (DBIS) Vince Cable has outlined further details of his plans for the British automotive industry.

Speaking ahead of today’s (30 June) Society of Motor Manufacturers and Traders’ (SMMT) International Automotive Summit in London, Cable outlined some measures to support the industry, but stopped short of detailing financial aid.

“The car industry has endured tough times in the last few years but we are now seeing reasons for cautious optimism,” he said.
“We want to give the automotive industry a stable business environment to capitalise on further opportunities and we will do this by creating a more supportive tax environment, freeing up credit through the banking system, reducing regulation and focusing on training and apprenticeships.”
Other speakers at the event in the UK capital today include Tata Motors chief executive Carl-Peter Forster, Automotive Council co-chairman Richard Parry-Jones and Aston Martin director of design, Marek Reichman.
“Today’s summit marks a new era for the UK automotive industry following a period of difficulty for the wider economy,” said SMMT chief executive Paul Everitt.

“We look forward to welcoming delegates and working together to help strengthen the UK supply chain and to support a transition to low carbon vehicles.”