Nuts: nonsense, rubbish (Oxford English Dictionary)

Here in the British Embassy’s trade team, we’re just as likely to be in downtown DC extolling the virtues of free trade and why Britain’s open for business to anyone and everyone who will listen as we are tied to our desks doing the more traditional reporting roles expected of Embassy officials.   That’s all part of the Foreign Office’s new commercial diplomacy, helping UK exports and investment. Every now and again we have to correct some misconceptions about Britain. Which is fine, because that’s what we’re here for. Yesterday was one such opportunity, when an autos industry representative told one of my colleagues that Britain doesn’t have a car industry anymore, because it’s all foreign-owned.

Right, where do I start?  I could point out that in the first quarter of 2012, the UK had its first autos trade surplus since 1976.  Or that In 2011, 1.36 million cars and 120,000 commercial vehicles were produced in the UK, of which more than 83% of the cars and 59% of the commercial vehicles were exported.   A third of Ford engines in the world are made in the UK.  Perhaps I should pick up that 2,000 new jobs in the UK have been announced by Jaguar LandRover in the last two years, 3,000 by Nissan in the last year, 700 by GM and 500 by Honda.  BMW is investing £250m in its UK operations too.  This article in FT Business’ FDI magazine last month talks about why Toyota is increasing its operation in the UK.  It’s not just mainstream autos that we do either.  We’ve got niche brands like Aston Martin, McLaren and Rolls Royce too.  And innovators like Daniel Jubb who successfully tested the hybrid rocket engine of the world’s first 1,000-mph car, the Bloodhound supersonic car , in the UK on 3 October.

The important point to make is that it doesn’t matter where the companies are headquartered.  It’s that UK makes stuff, like aeroplanes, engines, cars, trains, and it exports them (60% of UK exports are goods and manufactured products).  And that enough UK and non-UK companies think we do it so competitively that they invest even more in UK manufacturing which then provides jobs and even more capital expenditure and exports.  Plus opportunities for the small and medium-sized enterprises that make up the supply chain: there are around 2,200 component manufacturers in the UK, contributing £4 billion added value and employing around 70,000 people.

Britain doesn’t have a car industry anymore?  Nuts.  And bolts.