The UK automotive industry remains resilient despite ongoing uncertainty presented by the global economy and the UK’s future relationship with the EU, according to new research released today by Lloyds Bank Commercial Banking.
Manufacturing has been earmarked by the World Economic Forum and the European Union as a major driver of increased employment opportunities, reduced carbon emissions and better educational prospects for young people. This huge ambition largely rests on the advent of the smart factory and the rollout of Industry 4.0, which will make manufacturing more affordable in high-wage countries.
Britain’s manufacturers are urging the Chancellor to maintain his focus on driving up productivity and pressing ahead with infrastructure investment in the forthcoming Budget to ensure that businesses are teed up for post-Brexit success.
BMW Group, Intel and Mobileye are set to test a fleet of 40 autonomous vehicles later this year as part of a joint partnership between the three companies in a huge step towards making autonomous driving a reality.
Britain’s manufacturers are warning the government that walking away from the EU with no deal in place is not an option and will leave business on a cliff edge of uncertainty that will damage jobs and investment.