The government has introduced £24 million worth of funding into the UK automotive industry.
Revealed at the SMMT’s ‘Meet the Buyer’ event at ExCeL London last week, the Tooling Funding Programme will look to aid growth in the car manufacturing industry. It is hoped that the initiative will help the UK remain at the forefront of the automotive industry and become a more prominent player in the global supply chain for this sector.
The news has been welcomed by many companies in the motor trade industry, with the multi-million pound funding expected to continue the upward trend of car sales that have been recorded in recent months. If the investment has the desired effect of boosting business across the UK then it is important for firms – whether they are selling vehicles or repairing and servicing them – to remember that any substantial increases in activity will need to be reflected in the terms of their combined motor trade insurance policy.
If a company is handling more vehicles or hiring more staff as a result of greater business in the motor trade industry then they should speak to experts brokers such as Bollington to ensure they have the right insurance cover for their business needs.
Commenting on the news, Business Minister Michael Fallon said: “This fund is a practical example of how we are working in partnership with industry to break down barriers to growth. Manufacturing is driving the UK’s recovery and our vibrant automotive sector is leading the way.”
Mike Hawes, SMMT’s chief executive, added: “A competitive supply chain is a vital ingredient in a successful automotive industry. Yet many UK suppliers have found it difficult to access funding, restricting their ability to exploit the local opportunities created by the expanding vehicle manufacturing sector. The new Tooling Funding Programme is a welcome initiative which should help UK component manufacturers compete and win new business.”