Staying in Europe vital to UK automotive industry

As we enter the final days before the EU referendum takes place, the UK automotive industry has today reiterated its position that remaining within the European Union is represents the best option for business and jobs.

The Society of Motor Manufacturers and Traders (SMMT) has taken the step to clarify its position due to the number of the confusion and claims of misrepresentation surrounding the Brexit debate.

The automotive industry plays a key role in the UK’s economy, employing 800,000 people and contributing £15.5Bn every year.

The industry is driven by exports with around 80% of vehicles travelling overseas and 57.5% of those heading for the European Union.

The SMMT cite the ‘unrestricted access to the world’s largest single market, the negotiating strength of the EU to secure international trade deals, the ability to shape technical regulations and free movement of labour’ as the fundamental reasons why the vast majority of its members are in favour of remaining in the EU.

Prior to the start of the campaigning period, the SMMT commissioned a survey get its members views on EU referendum. 77% of companies said remaining in Europe would be the best for their business, with only 9% saying leaving would be best. No large business felt an exit would be advantageous to their business.

Mike Hawes, SMMT Chief Executive, said, “UK Automotive is globally competitive, securing record levels of investment, creating tens of thousands of jobs annually and exporting to over 100 countries. We want this success to continue rather than jeopardise it by increasing costs, making our trading relationships uncertain and creating new barriers to our single biggest and most important market, Europe. Remaining will allow the UK to retain the influence on which the unique and successful UK automotive sector depends.”

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