The SMMT has welcomed the UK Government’s annual Budget and its focus on manufacturing and exports, in line with the UK automotive sector’s strengths.
Responding to the Government’s statement, SMMT Chief Executive Mike Hawes said: “The Chancellor’s focus on investment, exports and skills, as well as reducing energy costs for manufacturing, is welcomed by the automotive industry. Extending and doubling the Annual Investment Allowance and improving export finance are important signals to encourage the UK’s manufacturing base, helping trigger greater business investment and enhancing our export capability.
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“In line with welcome reductions in energy costs, we ask government to look at business rates to ensure the system works for manufacturing and maintain our global competitiveness.
“We welcome measures to extend incentives for ultra-low emission vehicles (ULEVs) under the company car tax regime. Industry needs clear direction from government on how its £500m commitment to develop the ultra-low carbon vehicle sector between 2015-2020 will be allocated.”
