Motor Industry’s Record Investments
The UK motor industry hits record investments of £3.7bn as automotive businesses increased spending on research and development by £154m. With a rise of 4.3%, this is an all-time high.
Increasing by 5.8%, more UK businesses across all sectors have invested in R&D – £1.4bn to £25bn in 2018. R&D spending has grown 225%.
The number of staff employed by UK businesses also increased 7.3% annually.
Mark Tighe, chief executive of Catax, said: “The motor industry is a mainstay of UK manufacturing, and it is wonderful to see such robust growth in research and development. Apart from 2009, the motoring sector’s R&D spending has grown every year, something that few other UK industries can boast. More broadly, this is the second full year that Brexit Britain has shrugged off the political poison after the EU referendum and posted great gains in terms of R&D investment, running head and shoulders above the long-term average. For the first time in history a quarter of a million people nationwide are engaged full time in keeping the UK at the cutting edge. This is going to make a huge difference to Britain’s prospects outside the EU. The rate at which UK businesses are adding R&D staff to the workforce remains impressive, virtually matching the previous year with a rise of 7.3%.”
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