Car industry is 'crucial' to UK economy, says Business Minister Mark Prisk

The Business Minister, Mark Prisk, has said the Government "passionately believes" the automotive industry is "crucial" to the economy in a sign the Coalition is moving away from its policy of not picking winners to focus on leading industries.
Mr Prisk told a collection of 80 car industry leaders at a reception at the Frankfurt Motor Show that the Government wants to put the automotive sector "right at the heart of rebalancing our economy".He said the Government wants to work in "partnership" with the industry but will not pick individual companies or low-carbon technologies to favour.
The United Kingdom has the 6th-largest national economy in the world (and 3rd-largest in Europe) measured by nominal GDP and 8th-largest in the world (and 2nd-largest in Europe) measured by purchasing power parity (PPP). The UK's GDP per capita is the 22nd-highest in the world in nominal terms and 22nd-highest measured by PPP. In 2012, the UK was the 10th-largest exporter in the world and the 6th-largest importer. In 2012, the UK had the 3rd-largest stock of inward foreign direct investment and [19][20] the 2nd-largest stock of outward foreign direct investment. The British economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland. The UK has [21] one of the world's most globalised economies. One-sixth of the tax revenue comes from VAT (value [22] added tax) from the consumer market of the British Economy.