The Society of Motor Manufacturers and Traders (SMMT) has today welcomed a package of measures set out in the Chancellor’s Autumn Statement that will strengthen and support the UK’s business environment.
The Autumn Statement reconfirmed government’s commitment to a rebalanced, export-led economy, by implementing measures that will encourage greater investment in the UK’s diverse manufacturing industries and the supply chain.
In the Statement, the Chancellor also indicated that government will revisit the Budget 2012 decision to cut Company Car Tax rates for low carbon vehicles and will look to support to consumer incentives beyond 2015. SMMT is fully committed to growing the UK’s low and ultra-low carbon new vehicle market, and looks forward to engaging with government to devise incentives that will progress the development and uptake of these technologies.
“The Chancellor’s pledge to raise capital allowances and continue to support the Regional Growth Fund and the Advanced Manufacturing Supply Chain Initiative will help secure significant new business investment,” said Paul Everitt, SMMT Chief Executive. “There are real opportunities to grow the UK automotive industry and create new jobs for the long-term. The measures announced today will help encourage private sector investment in skills, R&D and capital equipment.
“It is extremely important that government’s commitment to an Industrial Strategy is being supported by clear action to help attract investment into the UK economy and maximise the opportunities to export high-value products around the world,” he continued.