Self-driving cars could bring £66billion prize in 'once in a generation' opportunity for UK
The UK has been described as a 'world leader' in autonomous technology
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The automated and self-driving car industry could deliver a £66billion boost to the UK economy by 2040 if the Government backs the expansion of vehicle technology.
A new report has estimated that the UK rollout of connected and automated mobility (CAM) technology could bring annual economic benefits as high as £66billion by 2040.
It could also have huge road safety advantages by helping to save 3,900 lives and prevent 60,000 serious accidents.
The research, from the Society of Motor Manufacturers and Traders, revealed that an additional 342,000 jobs could be created, with 12,250 directly in automotive manufacturing by the end of the next decade.
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Britons could also benefit from lower insurance premiums, less stressful commutes and greater freedom for those who may have mobility issues.
The CAM report urges the Government to introduce new legislation in this parliament or risk losing the opportunity to be a world-leader in the sector.
There have been calls from the Transport Committee for automated and self-driving cars to get a mention in the King’s Speech next week.
It claimed that current self-driving vehicle laws were “archaic and limiting”, with Government action needed to further develop the sector.
Mike Hawes, SMMT Chief Executive, said: “While fully automated road journeys are still some way off, advances in connected and automated mobility technology means they’re within our future – presenting a significant opportunity to revolutionise transport in the UK.
“Government must work with all stakeholders to implement the necessary framework needed to deliver this exciting revolution swiftly and effectively, ensuring that consumers can reap the lifesaving and cost saving benefits.
“Failing to do so risks leaving the UK in the slow lane, jeopardising our competitiveness and impeding growth and job creation.”
More than £600million of public-private investment has already been committed to connected and automated mobility since 2015.
The funding has gone to projects including self-driving cars and logistics vehicles, as well as automated buses, taxis, shuttles and even tractors.
Adrian Hallmark, Automotive Council UK joint Chair and Bentley Motors CEO, said the deployment of connected technology is a “once in a generation economic, societal and environmental opportunity”.
He added: “It has the potential to boost the whole transport sector, creating new supply chains, manufacturing and deployment opportunities.
“It could also help transform road safety, enable accessible transport, and deliver reduced energy consumption for environmental benefit through smoother, more efficient driving.
“The automotive sector is ready to build this exciting transport future and to deliver tangible benefits for the UK.
“The Automotive Council welcomes this latest report and looks forward to agreeing the interventions required to leverage the opportunities presented.”
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More than £600million of public-private investment has already been committed to CAM since 2015
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According to the report, implementing CAM technology with buses, taxis and ride-hailing could bring a possible annual revenue of £3.7billion.