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Wednesday
Jul282010

UK Car Industry Stutters under New Business Secretary

We’ve seen the British car industry go through some hard times in the last couple of years.  The recession has harmed a lot of industries and businesses but the government has arguably supported the car industry more than many others.

But I read recently that things are about to change.  With the heralding of the new coalition government we will see many things changed from the way they were under Labour.  And one such change looks to be how the car industry is supported by the government.

Mr Cable has stated that he is not “walking away from the industry”.  But it has been made clear that financial support will not continue in the same way it has done in the past.

To my mind, this has not come as a surprise.  As the new government settles in we must expect some major differences in policy.  And since the prime target is the huge amount of national debt that must be reduced, we should expect there to be less money available to bolster industries that are proven to be struggling.  After all, many other businesses and industries are struggling as well.

Strategic support is being requested by many companies, who understand that constant and unfailing support is not good for anyone in the car industry.  I will be watching closely to see how the relationship between the government and the car industry develops in future weeks and months.  While some form of support could be expected to continue, it is clear that it will not be on the same scale as we have seen in the past.

If you have any financial concerns over your own business and wish to seek the professional advice of qualified accountants, contact us at St Matthew now.

 



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