BRITAIN’S biggest carmarker Jaguar Land Rover said it wants to build electric cars in Britain in what would be a further boost to the UK automotive sector after the Brexit vote.
The Indian-owned carmaker built just under a third of Britain’s 1.6 million cars last year and showcased its first electric car earlier this month, which will be built in Austria.
But chief executive Ralf Speth suggested that the Indian-owned automaker, which operates three car plants in central and northern England, could bring further production to Britain.
“We want to build our EVs (electric vehicles) in the West Midlands, in the home of our design and engineering,” Speth told an industry meeting last Thursday (24) evening according to a spokeswoman.
Speth said in September it made sense to build electric batteries and cars in its home market if the conditions, including pilot testing and support from science, were right.
Britain announced an extra £390 million ($485 million) of funding to support autonomous and green technologies earlier this week, following on from a raft of proposals designed to promote the country as a hub for innovation over recent years.
Jaguar Land Rover said it would not comment on when electric cars would be built in Britain or on potential job creation.
Any new production would be seen as a further boost to the automotive sector after Japanese carmaker Nissan said it would build two new models at the country’s biggest car plant following a promise of government support.
After Nissan sought a promise of compensation in the event of Brexit-imposed costs to its car production, Speth said that his firm wanted “fair treatment” and a “level playing field” from the government.
Jaguar Land Rover wants half its cars to be available in an electric version by the end of the decade, after showcasing its first electric car at the Los Angeles Auto Show earlier this month.
£1.3m needed to join Britain’s top 10% of wealthy families
Average worker would need 52 years of savings to match elite wealth
South East wealth nearly triple the North East
Rising wealth divide in UK
British families now need total wealth of £1.3 million to enter the country’s wealthiest 10 per cent, according to new research that highlights the growing financial divide in post-pandemic Britain. The Resolution Foundation’s ‘Before the Fall’ report reveals that Britain’s stock of wealth continued to grow during the pandemic, reaching a new record high of 7.5 times GDP.
Whilst relative wealth inequality has remained high, the absolute wealth gaps between rich and poor families have grown sharply following the unprecedented mix of economic shocks and policy interventions during the Covid-19 pandemic.
The report reveals that a typical worker would need to save 52 years’ worth of their earnings to join the wealthiest 10 per cent. This shows how building wealth has become nearly unachievable for ordinary workers, with riches now concentrated amongst those who already own homes and have large pension pots. The wealth gap between the richest and middle-income households now stands at £1.3 million per adult, showing how the distance between rich and poor has grown dramatically.
Regional wealth divide
The wealth divide extends across regions, with stark disparities between the prosperous South and struggling North. Median wealth per adult in 2020-22 stood at £290,000 in the South East, compared to just £110,000 in the North East – a gap of £180,000.
This regional inequality reflects decades of uneven economic development, with London and the South East benefiting from higher property values and greater access to high-paying jobs, whilst northern regions continue to face lower house prices and fewer economic opportunities.
Wealth concentration persists
Molly Broome, senior economist, at Resolution Foundation said, “Soaring wealth and an acute need for more revenue has prompted fresh talk of wealth taxes ahead of the Budget next month. But with property and pensions now representing 80 per cent of the growing bulk of household wealth, we need to be honest that higher wealth taxes are likely to fall on pensioners, Southern homeowners or their families, rather than just being paid by the super-rich,”.
The findings paint a picture of a nation where wealth accumulation has increasingly become concentrated amongst those who already own property and have pension savings, making it harder for younger generations and those without existing assets to climb the wealth ladder.
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