Europe – what's your view?
10th July 2015
Europe – what's your view?
There are over 3,000 companies involved in the UK automotive sector, ranging from luxury car manufacturers such as Bentley, Jaguar Land Rover and Rolls-Royce, to construction equipment makers such as JCB.
Some things to think about...
According to an economic assessment of the interaction of the UK’s Automotive Industry with the European Union by KPMG’s. Europe is fundamental to the current and future success of the UK automotive industry.
“In recent years, the UK has benefited from significant investments by many of the world’s major vehicle manufacturers including BMW Group, Ford, Vauxhall, Jaguar Land Rover, Nissan and Toyota.”
Mike Hawes, Chief Executive, SMMT
So here are few things to consider when you are debating the ‘in-out’ of the EU and your livelihood is dependent upon the Automotive Industry:
- The attractiveness of the UK as a place to invest and do automotive business is clearly underpinned by the UK’s influential membership of the EU.
- Access to the Single Market is fundamental for securing investment into UK vehicle and engine manufacturing and across a highly integrated supply chain.
- Access to the EU market is reflected in the fact that 49% of UK-produced vehicles are sold across the largest Single Market in the world, unhindered by any tariffs or costly regulatory barriers.
- The EU’s bargaining power in trade negotiations around the world is immense; paving the way for the UK to export over 50% of locally manufactured vehicles to growth markets across the rest of the world.
- Defining technical regulations and product standards at a European level enables the UK to remove complexity and costs and influence the way vehicles are made around the globe.
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