This is Lloyds Bank’s third annual survey of the UK automotive manufacturing sector, part of a series of reports that look to examine the main opportunities and issues affecting Britain’s key industries.
2016 was a tumultuous year, with huge political upheaval across the globe bringing potential economic uncertainties.
The UK’s decision to leave the EU created the biggest potential uncertainty for the UK’s automotive industry last year. Not only are many of the car makers operating in the UK internationally owned – from Bentley to BMW – but the EU is the biggest overseas market for Britishmade cars, accounting for 94.7 per cent of all commercial vehicle exports in 2016.
But the industry has been extremely proactive in seeking assurances from the government about the shape of the post-EU referendum trading environment and ministers appear keen to sit down with industry bodies and
manufacturers to listen to their concerns and opinions.