Sterling depreciation to bolster car production but Brexit casts a shadow over the future of UK car industry

Sterling depreciation to bolster car production

John Leech, head of automotive for KPMG in the UK comments on the SMMT car production figures that were up 26.4% in May 2016. He said:

Also on

“UK car manufacturers will be cheered by these excellent figures that is the product of £10 billion investment over the past 5 years. The UK now produces many internationally acclaimed and successful vehicles such as the Nissan Qashqai, Range Rover and Vauxhall Astra to name but three and, the UK industry has never been in a better position than it is now. Sterling has depreciated by 15% since November 2015 and following the Leave Vote, it is likely to remain at these levels and will further bolster UK car production in 2016 and 2017.  However, the long-term future of our mass-market car manufacturers is dependent on securing free access to the single market and freedom of movement of people with the EU.  It will remain an uncertain time for UK car plants and their workers during the next two years, notwithstanding the positive car production news expected during this time.”  





For media enquiries, please contact:


Nahidur Rahman, PR Manager

T: +44 (0) 20 7694 8812

M: + 44 (0) 788191 6975



Follow us on twitter: @kpmguk

KPMGPress Office: +44 (0)207 694 8773


Notes to Editors:

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Connect with us


Request for proposal



KPMG’s new-look website

KPMG’s new-look website