SMMT Urges New Government To Help Unlock £50bn Growth Potential

The Society of Motor Manufacturers and Traders (SMMT) has called on the new UK government to take immediate action to unlock the £50 billion growth potential of the automotive industry. In a statement released earlier this week, the SMMT highlighted the significant opportunities that exist for the sector, but warned that these could be lost without the right support and investment from the government.

The automotive industry is a vital part of the UK economy, employing over 800,000 people and contributing £18.6 billion to the country’s GDP. However, the SMMT believes that with the right policies and investment, the sector could grow by an additional £50 billion, creating thousands of new jobs and driving economic growth.

To achieve this growth, the SMMT is calling on the government to take a number of key actions. Firstly, it is urging the government to provide clarity and certainty on Brexit, which has created significant uncertainty for the industry. The SMMT is calling for a trade deal that ensures tariff-free trade with the EU, as well as a commitment to maintaining regulatory alignment.

Secondly, the SMMT is calling for investment in the UK’s charging infrastructure, to support the growth of electric vehicles. The industry has set a target of having at least 50% of new car sales being electric by 2030, but this will require significant investment in charging points and other infrastructure.

Thirdly, the SMMT is urging the government to provide support for the development of new technologies, such as autonomous vehicles and connected and autonomous vehicles (CAVs). The UK is already a leader in these areas, but the SMMT believes that with the right support, the country could become a global hub for the development of these technologies.

Finally, the SMMT is calling on the government to provide support for the industry’s skills base, to ensure that it has the talent it needs to drive growth and innovation. This includes providing funding for apprenticeships and training programs, as well as supporting the development of new skills such as data analysis and cybersecurity.

Commenting on the SMMT’s call to action, Mike Hawes, the organization’s Chief Executive, said: “The automotive industry is a vital part of the UK economy, and with the right support and investment, it has the potential to grow by an additional £50 billion. We urge the new government to take immediate action to provide clarity and certainty on Brexit, invest in our charging infrastructure, support the development of new technologies, and provide support for our skills base. By doing so, we can unlock the full potential of the industry and drive economic growth and job creation.”

The SMMT’s call to action has been welcomed by industry leaders, who believe that with the right support, the sector can achieve significant growth and become a global leader in the development of new technologies. As the UK’s new government sets out its priorities, it is clear that the automotive industry will be a key area of focus, and the SMMT’s call to action provides a clear roadmap for how the sector can be supported and grown.