Lee Anderson has hailed “extra proof that we are able to succeed exterior the EU” after BMW introduced a £600 million UK funding.
The German producer confirmed the bumper funding to organize its Mini manufacturing facility in Oxford to construct new electrical vehicles after securing Authorities funding.
BMW stated it’s going to remodel the plant to allow manufacturing of two new electrical Mini fashions which can start in 2026.
Mr Anderson, the deputy chairman of the Conservative Celebration, hailed the transfer.
Prime Minister Rishi Sunak stated the Authorities is securing jobs and rising the financial system “by backing our automotive manufacturing trade”.
He added: “BMW’s funding is one other shining instance of how the UK is the most effective place to construct vehicles of the long run.”
Enterprise Secretary Kemi Badenoch visited the positioning earlier in the present day for the funding announcement.
She stated: “This resolution is a giant vote of confidence within the UK financial system and the work of this Authorities to make sure the continued energy of our world-leading automotive sector.
“We’re proud to have the ability to help BMW Group’s funding, which can safe high-quality jobs, strengthen our provide chains, and enhance Britain’s financial progress.”
BMW will make investments a complete of £600 million on the Oxford website and one other Mini manufacturing facility in Swindon, Wiltshire, the place automobile physique panels are made.
Addressing Ms Badenoch in a speech on the Oxford plant, BMW Group board member Dr Milan Nedeljkovic stated: “With out your help, this transformation wouldn’t be doable. This was the correct transfer on the proper time.”
The announcement is the most recent enhance for the British automotive trade, with figures final month suggesting manufacturing elevated by virtually a 3rd in contrast with a yr in the past.