£16m earmarked to help UK motorsport

Trade and Industry Secretary Patricia Hewitt today announced a new £16 million fund to help sustain and develop UK motorsport.

The funding announcement will help implement recommendations of the Motorsport Competitiveness Panel which looked at ways to strengthen the industry and sport from engineers at a grass roots level right up to the Formula 1 drivers at the top level of the sport.

The panel, which is made up of leading players from industry, sport, academia and government, today recommended that: a Motorsport Development Board be created to lead, coordinate and prioritise development activities; participation in the sport should be improved by reducing cost, improving infrastructure, transportation links, marketing and programmes to improve social inclusion; and the creation of a Motorsport Academy to improve the skills of the industry, which will link with the recently announced Automotive Academy.

The trade minister said: "UK Motorsport has always been the jewel in the crown of the British automotive industry. It is unique in scale and scope and has grown rapidly over the last 10 years. However, in a fiercely competitive market we cannot afford to be complacent.

"The industry's high tech, high value, high skills base is exactly where the future of British manufacturing lies. It is crucial that this industry, which produces some of the most cutting edge products in the world, has the backing to innovate and move forward with confidence."

The UK Motorsport engineering and services industry is estimated to have a £4.6 billion annual turnover of which over 50% is export sales. The UK industry directly employs 38,500 people of which 25,000 are highly trained engineers in over 3000 individual businesses.

Paul Barron, Co-Chair of the UK competitiveness panel, said that the recommendations were designed to help UK Motorsport to "sustain and develop a thriving sport and a thriving industry".

David Richards, Chairman of Prodrive and member of the panel, said: "The British Motorsport industry is a prime example of the inherent world class skills that this country is famous for. Until now though, its success has relied upon the efforts of relatively few entrepreneurs and enthusiasts. I am therefore delighted that the government has recognised its importance and is putting in place a range of excellent initiatives which will ensure the industry continues to flourish."

(GMcG)