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03/09/2010
The UK motor industry has called upon the Government to recognise its "significant" economic contribution ahead of publishing the finalised Comprehensive Spending Review next month.
In a letter to Chancellor George Osborne, The Society of Motor Manufacturers and Traders (SMMT) highlighted the importance of easing access to finance and credit for businesses and consumers, encouraging investment in UK skills and low carbon research and development (R&D), and promoting international trade of the industry.
Acknowledging the current "austere times", the SMMT nevertheless outlined a number of opportunities for the Government to ensure that the industry continues to financially and productively thrive - thereby supporting the UK economy as a whole - by identifying where investments should be protected or increased.
The submission revisited worries the industry raised prior to the Government announcing its Emergency Budget, which was launched to reduce the UK's budget deficit. Capital allowance reduction and uncertainty over R&D policy - which could affect investment and stability of the industry - are just two of these concerns which the SMMT says could adversely affect perceptions that the UK is "open for business".
"It is essential that [the] Government and [the motor] industry work together to identify priorities for the limited resources that are available", said SMMT's chief executive Paul Everitt, adding that the UK Automotive Council is attempting to forge such a collaboration, and establish a long-term strategy for the automotive sector.
Everitt added that the strategy would seek to develop the UK into "a leading player in the transition to ultra-low carbon vehicles".
Meanwhile, the document focuses on promoting industry competitiveness by maintaining "the principle of R&D tax credits", while investing in skills which are accessible to all sizes of companies.
Heavy cuts by the Government already this year saw the road safety budget reduced by 40% - something which could result in an 80% removal of UK speed cameras over the next five years, and a consequent rise in the number of road deaths, according to Mick Giannasi, the roads spokesperson for the Association of Chief Police Officers (ACPO).
The Spending Review is due to be published on 20 October.
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