Saturday, 25 June 2016
SMMT and EU referendum
The trade body for the UK automotive sector, The Society of Motor Manufacturers and Traders (SMMT), has reacted to the result in the referendum on the UK’s membership of the EU.
Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said, “The British public has chosen a new future out of Europe.”
Hawes added: “The UK Government must now maintain economic stability and secure a deal with the EU which safeguards UK automotive interests. This includes securing tariff-free access to European and other global markets, ensuring we can recruit talent from the EU and the rest of the world and making the UK the most competitive place in Europe for automotive investment.”
The SMMT says it is one of the largest and most influential trade associations in the UK. It supports the interests of the UK automotive industry at home and abroad, promoting a united position to government, stakeholders and the media.
The automotive industry is a vital part of the UK economy accounting for more than £69.5 billion turnover and £15.5 billion value added. With some 160,000 people employed directly in manufacturing and in excess of 799,000 across the wider automotive industry, it accounts for 11.8 per cent of total UK export of goods and invests £2.4 billion each year in automotive R&D.
Over 30 manufacturers build in excess of 70 models of vehicle in the UK, supported by around 2,500 component providers and some of the world's most skilled engineers.
More detail on UK automotive available in SMMT's Motor Industry Facts 2016 publication at www.smmt.co.uk/facts16.