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Return of car production to UK to create 50,000 new jobs

Britain's car manufacturers are set to create 50,000 new UK jobs over the next two years, according to a study of the automotive sector by Lloyds Bank. The bank's Fuelling Growth report found that 70% of car manufacturers or businesses in their supply chains plan to return more of their production to Britain in the next two years. The survey of 100 companies, ranging from SMEs turning over less than £25m to giants such as Jaguar Land Rover, found that almost half have already reshored 20% of their business. Almost 30% of those companies expect total production to be in Britain within two years. The report also revealed that 68% of UK automotive companies intend to enter new territories, with Western Europe, North America and the Far East/Asia being their top targets, while 63% of them are planning to develop low-carbon or electric vehicles technology. There are also plans to create jobs over the next two years amongst 80% of respondents.

 

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