Auto manufacturing firms here in the United Kingdom could be on the brink of a golden era, according to new information revealed by Lord Grimstone.
As reported by This is Money, the unpaid Minister for Investment commented that a surge would now be driven, with foreign investment worth billions being pumped into electric vehicles (EVs) as automakers rush to keep up and meet the ever-increasing demand.
Grimstone added that investment into EVs would supercharge the UK’s car industry, in a similar wave of prosperity to when mass production was adopted between the 1930s and 1950s. At that time, Britain was well-known as the world largest car exporter.
As part of his reveal, Grimstone outlined that the UK already had around 3,000 possible investment deals across the country’s economy in the works.
A past advisor to Margaret Thatcher and the former Chairman of both Standard Life and Barclays, Grimstone stated that the deals equated to “tens of billions in pounds” from foreign investment for the UK, leading to up to 700,000 employment opportunities in the next 10 years. He commented:
“Electric vehicles are going to be the business model for the next 30, 50 years. If Britain gets its fair share, or more than its fair share, it’ll set us up completely.”
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