SMMT figures ‘extremely worrying’ says KPMG
Justin Benson, head of automotive at KPMG UK, comments on the latest SMMT car manufacturing figures, which saw a 9.1 per cent fall in 2018.
“Such a significant fall in volume is a major cause for concern to the automotive industry and together with a 20 per cent reduction in December 2018, compared to December 2017, the trend appears to be worsening. Consumer confidence is vital for a vibrant automotive sector in the UK, as is investment, which is why significant reductions in investment over the last few years are extremely worrying.
“Global automotive manufacturers look for the right business environment to invest in and there has been too much uncertainty to provide the confidence to invest at the levels that the industry needs for new models to be made in the UK. With 80 per cent of vehicles made in the UK produced for export, the UK’s carmakers are desperate for clarity on future trading arrangements if they are to reignite the confidence of overseas headquarters to invest in the UK again.”