The SMMT has welcomed a policy initiative by the UK government today that stresses the need for an active industrial policy and sets up a government backed business bank to lend money to UK companies. 

Paul Everitt, SMMT Chief Executive, backed the ‘business bank’. “It is right that the strategy recognises the value of every sector of the economy and works with key industries, through a government-backed ‘business bank’, to increase investment in R&D, skills and capital equipment,” he said.

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“The motor industry fully supports the approach outlined by the Secretary of State and will work closely with him and through the Automotive Council to enhance further the UK as a globally competitive location for automotive investment,” he added.

SMMT says it has consistently highlighted to government the need for a long-term, cross-party, industrial policy.

For a list of recent investment announcements, go to www.smmt.co.uk/investment.

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