By Max Clarke
Overseas investment and UK manufacturing remain the two great hopes for the UK recovery.
In a parliamentary address to more than 100 delegates from the UK’s automotive industry, Business Minister Mark Prisk praised the thriving car industry, detailing government plans to boost the important sector in order to hasten the recovery.
Currently the UK produces in excess of 1 million vehicles; 2 million engines,, together employing some 700,000 and contributing in excess of £8.5 billion to the UK economy.
Speaking to the Society of Motor Manufacturers and Traders, Prisk recognised the importance of the sector, boosting manufacturers confidence and renewing hopes of an export-led recovery.
UK manufacturing has performed well for much of the year, though the latest Markit/ CIPS figures indicate this rate has slowed to just 51.3- where 50 is equal to stagnation- the lowest level since 2009.
A more complete fiscal support framework, reductions of burdensome regulation and more support of individual entrepreneurialism, says the SMMT, are needed to further encourage automotive exports.
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