The very large investment from the UK Government is a sign of its commitment to the environment, and to developing sustainable energies. They are providing £500 million of the investment; whist the automotive industry is providing the other half itself.
This injection of funds, which is spread over a 10-year period, will be invested in the Advanced Propulsion Centre. The idea is to ensure we stay at the forefront of future developments, and the report they produced looks at four key themes.
Technology: how our vehicles are powered in future; from 2040 they will no longer have the traditional petrol or diesel engines as we know them.
Supply chain: how government and industry can work together to grow the UK supply chain and win more overseas business.
Skills: how the right skills are in place to build on the success of the sector.
Business environment: how to maintain the UK’s competitiveness in the global auto industry
Following this the Technology Strategy Board launched a new £10 Million competition for R&D projects into low carbon vehicles.
All of this is great news for the environment. It backs up promises made at international summits, and shows a real willingness to reduce our overall carbon emissions, and safeguard the environment for future generations.
Business Secretary Vince Cable said:
“The UK automotive sector has been incredibly successful in recent times, with billions of pounds of investment and new jobs. This has been achieved by government and industry working together.”
“With the next generation of vehicles set to be powered by radically different technologies we need to maintain this momentum and act now. Our industrial strategy will ensure we keep on working together to make our automotive industry a world leader.”
The former chairman of Ford Britain, Joe Greenwell, is heading up the Automotive Investment Organisation. The aim of the organisation is to attract outside investors, creating more jobs in the UK.
Work is underway across government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the government wants the economy to travel.
To create the most competitive tax system in the G20. To make the UK the best place in Europe to start, finance and grow a business. To encourage investment and exports as a route to a more balanced economy. To create a more educated workforce that is the most flexible in Europe
Here at National Scrap Car we are all for anything that creates jobs and apprenticeships. Hopefully the government, working with industry, will be able to offer attractive enough packages for future investment into the UK automotive sector, and therefore the economy.