Book Description

Motorsport and aerospace are two industries in which the United Kingdom is a world leader and the Committee believes that the future success of the UK economy will be based on these types of industries. Concerns regarding the aerospace included the current US complaint in the World Trade organisation and the Government's right to support the industry through Repayable Launch Investment; and that the UK aerospace sector has access to export trade credit at less favourable rates and through a more complex system than other countries. In examining the motorsport industry the Committee felt that there was a lack of understanding and effective engagement by Government. They are not content with the Government's current plans to take forward its work with the sector through the UK Automotive Council. Instead they recommend that the Government establish a dedicated motorsport policy team within the Department for Business, Innovation and Skills. Small and medium-sized enterprises also play a very important role in supporting both sectors but they have been hit worst by the recession and the Government needs to do more to encourage high performance engineering firms to diversify. Both sectors require a highly skilled workforce and more needs to be done to align the education system with the skills needs of the industries. Finally is the problem of the 'non-green' image that both industries have.