Automotive sector remains resilient post Brexit
According to new research by Lloyds Bank Commercial Banking, automotive manufacturers in the Midlands have remained resilient despite on going uncertainty that was caused by the Brexit vote.
The bank’s third annual report on the industry found that average investment from automotive firms across the Midlands will hold firm over the coming two years at 19 per cent of total turnover, the same figure that was reported in 2016l
The report also claims that 56 per cent expect growth to stem from innovation and product development, while 36 per cent plan to create jobs.
David Atkinson, head of manufacturing at Lloyds Bank Commercial Banking, comments: "The automotive industry remains the UK’s largest manufacturing export sector with a national supply chain and a presence in every UK region.
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