News, Culture & Society

Car industry set to give the UK economy a £1bn boost in 2023

Car industry set to give the UK economy a £14billion boost in 2023 as supply chain shortages ease

The UK car and van market is forecast to bounce back next year in a £14billion boost to the economy as supply chain shortages ease.

Manufacturers are expecting 984,000 vehicles to roll off production lines, a 15 per cent rise worth £3.9billion, says the Society of Motor Manufacturers and Traders. 

Sales are also expected to recover, also adding 15 per cent, or £10billion.

On a roll: Manufacturers are expecting 984,000 vehicles to roll off UK production lines, a 15% rise on last year worth £3.9bn, says the Society of Motor Manufacturers and Traders

The industry is seeking to recover after a downturn caused first by the pandemic, then by a crippling lack of computer chips.

Car production is 11 per cent down for the year, even though 2021 was the weakest year since 1956.

The society is calling on the Government to boost growth through policies to attract investment in production of vehicles, batteries and fuel cells in preparation for a net-zero carbon future.

Chief executive Mike Hawes said: ‘In the most testing of times, growth finally beckons for the UK automotive industry, and as recession looms, that’s growth that should be nurtured. 

We therefore need swift and decisive action that gives us a fighting chance of winning the global competition.’

***
Read more at DailyMail.co.uk



Find local lawyers and law firms at USAttorneys.com