In the present day, we are all aware of just how important the automotive sector is to the continued success of our economy. In terms of sales, exports and employment, the industry is one of the largest in the country today, and has substantially contributed to economic growth over the last five to six years. While most of us would be aware of this in a broad sense, it is always good to be able to discuss a specific example which demonstrates how far reaching the support for the sector is. The recently announced Tooling Finance service from Lloyd’s Banking is a case of this.
A priority in making the remarkable success of the British automotive sector sustainable is to ensure working capital remains available for growth and development. The Tooling Finance system delivers an opportunity to free up cash reserves that would otherwise be committed to equipment and machinery. Tooling Finance allows for these commitments to be met whilst ensuring that the cash flow required for investing in growth remains available.
The Tooling Finance service is predominantly focused on stage one businesses within the automotive sector supply chain. In terms of economic value, 2,000 firms operate in this space, employing almost 80,000 people. As a leading name for automotive recruitment in the UK we have always understood the exceptional value of this sector, and we broadly welcome any initiative which stimulates growth and further employment within it.
Lloyd’s Bank have announced that through channels such as Tooling Finance, they expect to be investing £1billion a year in financing across the UK automotive industry. This commitment is significant as it reflects the continuing focus on ensuring growth in the sector is sustained, and indicates the very high economic value of achieving this. Our part in this focus is in enabling the most successful recruitment process possible.