UK car industry motoring upwards

 

The UK’s car industry is enjoying a period of growth that could continue for the ext half decade, an expert has said.

Phil Harrold, a partner at PricewaterhouseCooper’s Automotive practice, said the “renaissance” could be maintained thanks to recent investments in British car production.

Over the coming years those funds will help to develop a skilled workforce to complement the sector’s pre-existing R&D and supply chain strengths, he believes.

He acknowledges that “nothing in business and the economy are certain” given recent events. But he remains confident there is a “bright future”, especially given the investments by GM, BMW, Nissan and most recently Toyota in UK production plants.

Mr Harrold said the world was backing the UK as a car manufacturing base.

He also pointed out that at the same time there has been “an interesting contrast with Japan”, which has seen significant falls in volumes.

A strong yen could prompt Japanese car makers to relocate more of their production capacities elsewhere.

Mr Harrold was speaking after recent figures from the Society of Motor Manufacturers and Traders showed there was a 12.1% (151,250) increase in new UK car registrations in October.

This year so far has seen 5% growth in the new car market with more than 1.7 million cars sold – a figure that is 84,000 up on a year ago – perhaps showing that some confidence has returned with consumers able to access car finance to secure better vehicles.

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