Luxury carmaker McLaren has announced plans to invest £500 million in the UK and to create 1,000 new jobs, a move hailed by the Prime Minister as “doubling down on Britain”.
The British car brand plans to expand its research and development site in South Yorkshire, and to open a new factory in the UK through the investment.
Some 1,000 jobs could be created in the company’s bases in Woking, Surrey, and in South Yorkshire by 2032, it estimates.
The announcement comes as Prime Minister Andy Burnham, First Secretary of State Louise Haigh and Business Secretary Jonathan Reynolds, visit McLaren’s Technology Centre in Woking on Wednesday.
The Government is keen to sell the investment as a win for Britain, which faces a precarious economic situation in part due to global turmoil caused by the wars in the Middle East and Ukraine.
Earlier this week, Chancellor John Healey welcomed business leaders to Downing Street to discuss steps to create economic growth and create new jobs across the country.
Mr Reynolds said it was the “biggest investment in our car industry in the post-war era” and feeds into the Prime Minister’s pledge to reindustrialise Britain.
Speaking from Woking, he said: “The Prime Minister has talked about bringing growth to every postcode. It’s one of the central ambitions of the government.
“A Britain that does that and believes in itself again. And I for one welcome his confidence and his optimism.
“But I want to thank McLaren for playing a key part in that mission, for proving that the UK is and will remain a great car-making nation.
“Sometimes we make the fastest cars in the world, and McLaren certainly has.
“But in my mind, we always make the best. And while I am Secretary of State, I can promise you this: I will do all I can to help you succeed now and in the years to come.”
Mr Reynolds said he was about 12 years old when the McLaren F1 made its debut, describing it as “one of the most exciting things I’d ever seen”.
He added: “I may be willing to tell you that I might have had a poster on my bedroom wall of a McLaren F1, maybe not the only person here. But I genuinely remember the buzz, the excitement, also the pride in a British supercar being the fastest in the world.
“I definitely wanted one, I’ve got to tell you that’s something I haven’t yet fulfilled in my life.”
In his first public engagement since the death of his father Mr Burnham toured the McLaren factory.
He chatted to workers and apprentices before posing behind the wheel of a W1 supercar, as a member of staff talked him through its features.
Mr Burnham welcomed the announcement, and said it was a “huge vote of confidence in Britain from McLaren, one of our world class manufacturers”.
He added “It’s wonderful to see the investment they have been making here and in Rotherham, and it’s a sign of confidence long-term in the British economy.”
The Prime Minister had earlier said: “McLaren is doubling down on Britain, keeping the design, the engineering and the building of every future car here, and taking on a thousand more people to do it.
“Their investment will create high-quality apprenticeships, jobs and drive growth far beyond their factory gates. It is how you get skilled work, decent wages and pride back into a place.
“It’s this kind of partnership between government and business that will help us reindustrialise communities and make every part of Britain better off.
“I want young people to see that and know there is a future for them in making things, wherever they grew up.”
Nick Collins, chief executive officer of McLaren Automotive said the investment in UK operations would deliver three things.
“Firstly, we’ll expand vehicle assembly in the UK as we broaden our portfolio and launch a new generation of models.
“Secondly, for the first time in our history, we will build our future engines in-house, and finally, it will scale the McLaren Composites Technology Centre in South Yorkshire, home to our world-leading carbon fibre development.”
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