The Society of Motor Manufacturers and Traders (SMMT) has issued a statement welcoming a number of areas in which the UK automotive sector will benefit from the chancellor's latest Budget.

Announced yesterday (March 19th), the Budget for 2014 places a renewed focus on manufacturing and exports for the UK economy – areas that the automotive sector is traditionally strong in.

SMMT chief executive Mike Hawes commented: "The chancellor's focus on investment, exports and skills, as well as reducing energy costs for manufacturing, is welcomed by the automotive industry."

He added doubling the Annual Investment Allowance and improving export finance will help drive businesses forward to help the economy as a whole to recover.

Moreover, Mr Hawes stated the £500 million investment to increase the rollout of ultra-low emission vehicles is welcomed, but more detail will now be required as to how this money will be allocated over the coming years.

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Posted by Steph Bennett, Account Manager, The Fuelcard People.