Government targeting Bosch, Continental, Schaeffler for UK manufacturing investment
The British government is attending the Frankfurt Motor Show with the intention of targeting automotive suppliers such as Bosch, Continental and Schaeffler for discussions on potential investment in UK manufacturing. According to a report published by The Telegraph on 29 August, the government has “drawn up a list of foreign manufacturers that it wants to attract to the UK in order to boost output and help rebalance the economy.” The article continues by explaining that Mark Prisk, minister for manufacturing, will attend the Frankfurt Motor Show (also known as IAA Car) later this month.
The Telegraph’s story is based on its sight of the aforementioned list which reportedly includes a “priority list” of 12 overseas automotive component makers. And it is on this summary that Bosch, Continental and Schaeffler are named.
A briefing note drawn up by the Automotive Council (a group formed by government and industry) suggested that the government could offer incentives to attract new companies to Britain including “generous tax breaks and help with planning by encouraging them to locate to one of the 21 enterprise zone areas that it is working to establish across the country.”
Other well-known names mentioned on the list include battery maker Johnson Controls and automotive parts manufacturer TRW. Another big name from the tyre industry, Michelin, is said to have been cited on a list of “potential” targets.