PricewaterhouseCoopers have forecast that the British car industry has reason to be optimistic for ‘at least another five years’ – escaping the EU’s downturn and factory closures.
‘The recent investments into British car production should secure the renaissance for at least five years,’ estimated Phil Harrold, UK automotive expert at PwC.
‘By then, I would expect to see an enhanced skills base and workforce which together with our established R&D capabilities and supply chain strength, should ensure our success continues.
‘However, as we have seen from the last five years of recession – nothing in business and the economy are certain.’
PwC point to British-built cars like the new Toyota Auris as helping keep things rosy – with a rise in new car registrations keeping demand reasonable.
The release contained no comment about troubled cab maker Manganese Bronze, who the firm is currently administrating.
Harrold added: ‘British engineering and car manufacturing does have a bright future. With investments by GM, BMW and Nissan in their UK production plants, and now Toyota, this shows the world is backing the UK as a base for automotive manufacturing.’