Over 150 jobs will be created across Northamptonshire and Oxfordshire through a new UK-Germany electric vehicle technology project led by Mercedes.
It comes as the German President Frank-Walter Steinmeier begins his three-day State Visit to the UK today, News Cover reports, citing UK government.
Building on the landmark Kensington Treaty signed in July, the visit will bolster the UK’s economic ties with Germany, with President Steinmeier joining the Prime Minister and the Chancellor in hosting a roundtable with British and German business leaders at No10 this afternoon.
Mercedes’ investment demonstrates how closer partnership with Germany is already delivering jobs and growth across the UK.
The cutting-edge project led by Mercedes-AMG High Performance Powertrains – renowned for the power units used in Formula 1 cars – will create over 150 new, high valued jobs whilst securing another 34 existing roles.
It will strengthen the UK’s EV supply chains and reinforce Britain’s position as a global hub for automotive innovation, delivering on a central aim of the Government’s modern Industrial Strategy.
Today’s announcement builds on an economic relationship between the UK’s largest trading partner in Europe, with £150 billion worth of goods and services flowing between the two countries, supporting more than one million jobs.
It comes just a week after the Budget, in which the Chancellor announced a package of pro-business measures for international partners, including a three-year stamp duty holiday for firms that list in the UK and a decision to maintain the UK’s rate of corporation tax, which is the lowest in the G7.
