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SMMT president wants more incentives for manufacturing

The president of the Society of Motor Manufacturers and Traders has called on the government to give more support to the manufacturing industry.

Nigel Stein, who is also chief executive of automotive business GKN, wants the chancellor to announce more support for manufacturing industries in his autumn statement on 29 November.

“Support for manufacturing will drive economic growth,” he said. “We have shown how an export-led industry such as our own can drive economic growth, but we must have the right environment in which to prosper,” he said.

Stein said the chancellor should concentrate on improving tax credits for R&D, and acknowledged the need for the country to be more competitive internationally, attracting global investment that secures the future of UK automotive and drives economic growth.

He also called for changes to capital allowances to enable the development of the automotive supply chain and for investment to allow more training for the existing workforce and to invest in advanced apprenticeships.

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