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Automotive industry supports EU IN

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The British automotive industry says EU membership is critical to the success of the sector….reports Asian Lite News

Zero Emission carsThe Society of Motor Manufacturers and Traders (SMMT), one of the UK’s largest and most influential trade associations, represents an industry which contributes more than £69.5bn in turnover to the British economy, and supports in excess of 799,000 jobs.

“Unrestricted access to the single market, access to funding and Europe’s flexible labour market are all benefits to the industry,” the forum said in a statement. “The UK’s EU membership also crucially provides the chance to help influence European legislation – in particular technical regulations affecting new vehicle design and development – that all companies must abide by, whether or not the country they manufacture in is a member of the EU.

“However, our members also want EU reform. Increasing competitiveness, reducing the burden of regulation, and securing trade deals with the rest of the world will help secure the future of the UK automotive industry. They want a more engaged Britain – a powerful advocate for the interests of British industry.”

57.5% of vehicles manufactured in the UK in 2015 were sold in Europe – the world’s largest single market – with exports to the continent growing by 11.3% overall. Post-recession recovery in Europe and challenges in some key global markets also led European exports to account for a much larger proportion of the total than in the previous year.

92% of respondents to a 2014 SMMT member survey said they believed staying in the EU would be best for business, while 75% worried that leaving the EU would have a negative impact on the size and diversity of foreign investment into UK businesses.