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Investment in British automotive sector breaks 2 bln pounds

Xinhua, September 11, 2015 Adjust font size:

Britain saw the total amount of investment in its automotive sector surpass two billion pounds (2.24 billion U.S. dollars) this year, with more than 4,500 new jobs created, according to the figures released Thursday by the Society of Motor Manufacturers and Traders (SMMT).

Britain produced more cars in the first six months of this year than in any half-year since 2008, with a vehicle rolling off an assembly line every 20 seconds, the SMMT said. It is one of the largest trade associations in the UK.

While the number of cars produced in Britain continues to rise, they are also becoming ever-more British.

Figures released earlier this year by the Automotive Council revealed that UK vehicle manufacturers spent 19 percent more on domestically manufactured components in 2014 than the previous year. This growth has brought more than one billion pounds of extra business to UK-based supply chain manufacturers, boosting jobs and growth nationwide.

The automotive industry's contribution to the British economy is also growing, as it now supports almost 800,000 jobs across the country, according to the SMMT.

This was driven by stronger demand from some key markets. Demand across Europe, Britain's biggest export market, grew more than 10 percent last year, and overall car exports were worth 24.6 billion pounds in 2014, which was the most ever, figures showed.

"From Goodwood to Sunderland, Llanelli to Falkirk, the automotive industry supports some 800,000 highly skilled jobs making world class products in which Britain can be justifiably proud," said Mike Hawes, SMMT's chief executive, at an event in London. Endit