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." ∎
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