New research has shown that Britain’s car manufacturing business will create 50,000 jobs over the next two years becayse they are trying to bring a lot of car production back to the UK. A lot of work that was done abroad in the past will now come back to the UK. This is because companies are looking for a shorter supply chain as well as a more reliable one.
The information comes from Lloyds Bank who did a study of the automotive sector. They found that 70% of car manufacturers were looking to bring back car production to Britain in the next two years. The reasons given for this were better economic conditions as well as wanting to support local communities.
The companies questioned varied massively in size and they said they had already returned 20% of their business back to the UK many had plans to do this more.
The Head of Manufacturing SME’s at Lloyds explained that Britain is a main player in the auto manufacturing business and have a complicated supply chain. He also said that as the sector has grown recently it is becoming a big part of the nation’s economy.