Friday, 10 January 2014
UK motorsport turns in over £9 billion
A review of UK motorsport industry reveals sales of £9 billion in 2012, making it one of the most crucial sectors to the UK economy.
Among the key figure revealed a total of 4,300 companies in “Motorsport valley” employ 41,000 people.
About 15 per cent of motorsport companies spend more than 25 per cent of annual sales on R&D while 87 per cent of their sales go for export.
In the year just finished, eight of the 11 Formula One teams were based in the UK although British engineering products feature in every single motorsport championship in the world.
The review was commissioned by the Motorsport Industry Association (MIA) and supported by UK Trade and Investment (UKTI) and The Department for Business Innovation and Skills (BIS).
British Government business minister, Michael Fallon said: "Our motorsport industry represents some of the best of British talent and ingenuity and it is imperative that we provide the right conditions so it continues to thrive. That is why we are investing £1 billion jointly with industry to ensure companies across the automotive sector have the support they need to develop the technologies of the future." ∎
Labels: Formula One