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11^th July 2003 (Source: MIA )

The Motorsport Industry Association (MIA) has warmly welcomed today's commitment from the Department of Trade and Industry (DTI) to provide £16million of funding to implement the new recommendations of the Motorsport Competitiveness Panel.

"This is welcome news during a difficult time for our industry. Although the UK's motorsport industry has been the strongest in the world, ongoing support from central and local government is essential if we are to respond effectively to growing competition from overseas," commented Chris Aylett, Chief Executive of the MIA.

Aylett is bullish about the likely impact of the DTI's proposed funding. "Few other sports can compare with motorsport in delivering rapid social and economic benefits from public investment. The DTI has recognised that both the sport and the industry are interdependent, crucially feeding one another. Put simply, more competitors will create more jobs."

"Education and training programmes are central to the new proposals and they will be crucial for growing the intake of skilled personnel, as well as for developing the capabilities of those already employed. We can now expect to see closer collaboration between businesses and educationalists in exploiting the unique and stimulating motorsport 'brand'. We can use motorsport to attract many more people to pursue courses and careers in technology and engineering.

"Key policymakers now have a much improved understanding of the contribution that businesses in Motorsport Valley make to the wider economy. The opportunity presented by new tax treatments and business development support should have an immediate and positive effect, and will attract new investment and new partners. We must now move fast to deliver real benefits to these outstanding UK motorsport companies within Motorsport Valley."

Aylett concludes, "Trade and Industry Secretary, Patricia Hewitt, has invited input on the new recommendations, thereby giving the wider motorsport community an important opportunity to help shape its future. This is a process we will be actively facilitating through links with our own membership over the coming weeks."

MIA - a force behind the new recommendations
The views of the MIA's nearly 300 strong industry membership were well represented through the work of the Panel. Nine of the companies on the Panel are members of the MIA. In addition, the Association's original development strategy for the UK motorsport sector formed the basis for many of the ideas now being supported.

Rob Baldock, Global Leader, Financial Service and President, Continental Europe at EDS, and the MIA's Chairman, commented, "We in the industry are absolutely delighted to see how quickly and positively the Government has responded to the recommendations of the Motorsport Competitiveness Panel. The MIA will work with the new Government Motorsport Unit and associated bodies to ensure this much needed support is used to restore and enhance the competitiveness of the British Motorsport Industry."

Peter Digby, Managing Director of Xtrac and MIA Vice-Chairman, comments, "It is great news to hear that the Government is acknowledging the importance of the UK Motorsport Industry and increasing its financial support at a very critical time. The industry makes a major contribution to UK exports and helps maintain our excellent engineering heritage," he concluded.

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