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:
“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.”
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