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KPMG: Thousands of automotive jobs will be created by 2017

Feb 24
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KPMG: Thousands of automotive jobs will be created by...

Ten of thousands of jobs will be created in the automotive industry by 2017, according to estimates from KPMG's head of automotive. This was prompted by predictions from the Society of Motor Manufacturers (SMMT), who are positive about the prospective growth of the industry.

John Leech said that UK car production in the first month of 2014 fell flat, but recent launches of cars made in the country - including Nissan Qashqai and BMW Mini - hold great promise for Britain’s automotive industry.

He added: “The SMMT forecasts that vehicle production will grow from 1.5 million in 2013 to over 2.0 million in 2017. 

“A key question vexing the industry and government is whether this will percolate down into jobs growth in Britain’s 2,000 supply chain companies.”

Mr Leech stated that in the 1990s and 2000s the country’s automotive supply chain was almost destroyed as the proportion of parts sourced from UK suppliers plummeted to as low as 35 per cent.

Eighteen months ago, the Automotive Council drew attention to the fact that there was £3 billion of unfulfilled opportunities for suppliers within the country and according to Mr Leech, this has undoubtedly increased since then.

He said: “This has prompted recent investments from companies such as GKN, TRW, Lear, Borg Warner and Nifco raising optimism that the proportion of parts sourced from UK suppliers is likely to rise above 40 per cent by 2017. 

“The increase in supply should translate into jobs growth measured in the tens of thousands by 2017.”

Mr Leech explained that the industry is experiencing a substantial upsurge of interest from potential investors in the UK’s automotive supply chain - the likes of which haven’t been seen for several decades.

According to the head of automotive, prospective investors are predominantly overseas suppliers. However, the industry has piqued the interest of private equity companies and closely-related sectors.

He concluded that overall the outlook for the UK car industry looks bright.

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