Self-Driving Cars could Provide Significant Boost to UK Economy by 2030

An SMMT report projects that the influx of self-driving cars in UK could translate to a gain of GBP 62 billion by the year 2030

It is no secret that most major automakers in the world are aggressively pursuing perfection when it comes to self-driving technology. Auto manufacturers are facing stiff competition from budding startups as well, as the industry is still nascent and there is scope for new entrants as well, if they manage to perfect the technology. Many of such manufacturers and budding companies, belong to UK, and a report by the Society of Motor Manufacturers and Traders (SMMT), projects UK is set for massive gains from the self-driving car technology.

The SMMT report also factors in the UK governments progressive outlook when it comes to embracing new laws and technologies. Coupled with the country’s engineering prowess, the report could well be proved right in the times to come, provided that the UK manages to solve the Brexit crisis which it has gotten itself into.

UK based companies are splurging huge amounts in developing the technology necessary for driverless cars. However, the issue of Brexit poses a large challenge. “While we are devoting a huge amount of money to Brexit it is sucking up time, energy and investment we would rather be devoting to technology challenges.” Says Mike Hawes, the chief executive of the SMMT.

However, UK cannot pull out of a Brexit deal either, which would significantly undermine their global status, and would also mean bad news for most industries in the country, especially ones with the need for heavy capital. UK already has an insurance infrastructure in place for autonomous vehicles, and the report has pegged the country ahead of some big names such as Germany, Japan, and the US.