The boss of Oxford-based Unipart has hinted he could move the firm abroad.
John Neill, group executive chairman of the firm which has its main base in Cowley, has told the BBC he is considering moving investment to the US or Europe due to new subsidies offered there.
Through its radical Inflation Reduction Act and the Chips Act, the US is offering billions in subsidies to electric car firms, green energy and microchip producers through loans and tax breaks and the EU is planning to relax state help rules for firms in similar sectors.
However, Chancellor Jeremy Hunt has said he will wait to see what the EU does before deciding what the UK will offer.
Unipart makes vehicle parts, components and manages supply chain logistics.
Mr Neill went on: “I’ve asked our team to think very carefully about our investment strategy in the US and our US operations and whether we should be pivoting more into those markets and possibly also into our European companies.”
“No one envisaged that the Americans would change the rules to the extent they have, it just seemed kind of un-American in a way. But they have.
“For us to invest we need to understand what Britain’s strategy is and what our regulatory framework is going to be. And we’re not clear about any of that.”
Image: Google.
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