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Govt urged to invest in motor industry

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The government has been urged to invest in a trade policy that will stimulate manufacturing and the new and used cars industry.

Paul Everitt, chief executive of the Society of Motor Manufacturers and Traders (SMMT), believes that boosting the manufacturing sector that feeds the new and used cars market could be of major benefit to the economy as a whole.

The House of Commons Business, Innovation and Skills Select Committee is currently conducting an inquiry looking at the role of trade and investment in rebalancing the economy.

Mr Everitt told the committee that the automotive industry is one of the UK's most successful exporters, reaching all parts of the globe.

"Future success will depend on increasing investment in UK-based skills, research and development and capital equipment," he said.

Mr Everitt is therefore urging the government to ensure "sustained promotion" of the sector.

According to the latest figures from the SMMT, the UK automotive industry has a turnover of £40 billion, contributing £8.5 billion in added value to the economy.

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