In Brief

Investment spurs ‘renaissance’ in car part manufacturing

Government stimulus scheme helped UK firms compete globally, creating new jobs

British companies which make car parts have benefited from £41m in extra private investment over the past four years, thanks to a £13m government stimulus scheme, according to the Society of Motor Manufacturers and Traders (SMMT).

The Long Term Automotive Supply Chain Competitiveness programme, which began in 2014 and ended this year, helped 27 British suppliers to compete globally, Production Engineering Solutions reports.

The programme was managed by the SMMT for the Department of Business, Energy and Industrial Strategy.

Participating firms improved manufacturing processes as well as their research and development skills, says the SMMT, leading to growth in turnover and the opening-up of new markets. Some became approved suppliers for car companies.

As a result, 3,200 jobs were created or safeguarded.

Production Engineering Solutions says the local content of British-made cars has risen by eight percentage points since 2011 as the sector enjoys a “renaissance”. The percentage of UK-manufactured parts in the average British-made car is now 44%.

Greg Clark, the Business Secretary, said: “The UK’s automotive industry is one of our biggest success stories [and] continues to attract significant investment from leading manufacturers.”

The recent boost “helped power us towards our goal of increasing UK content in domestically produced vehicles to 50% by 2022”, he added.

Take our survey for your chance to win £100 John Lewis vouchers

Recommended

Why the Bank of England is raising interest rates again
Andrew Bailey, the governor of the Bank of England
In Depth

Why the Bank of England is raising interest rates again

Eight unmissable business ideas for growth and modernisation
Woman and man standing in front of whiteboard covered in post-its. The woman is writing on the board with a marker.
Advertisement Feature

Eight unmissable business ideas for growth and modernisation

‘Kapow!’: why $90m Batgirl movie was axed
Leslie Grace as Batgirl
Talking point

‘Kapow!’: why $90m Batgirl movie was axed

Britain’s ‘astronomical’ inflation rise in five charts
Supermarket shelves being stacked
Getting to grips with . . .

Britain’s ‘astronomical’ inflation rise in five charts

Popular articles

Will China invade Taiwan?
Chinese troops on mobile rocket launchers during a parade in Beijing
Fact file

Will China invade Taiwan?

Is World War Three on the cards?
Ukrainian soldiers patrol on the frontline in Zolote, Ukraine
In Depth

Is World War Three on the cards?

Ten Things You Need to Know Today: 8 August 2022
10 Downing Street
Daily Briefing

Ten Things You Need to Know Today: 8 August 2022

The Week Footer Banner