Automotive companies in the Midlands have remained “resilient” despite “on-going economic uncertainty”, according to Lloyds Bank Commercial Banking.

The bank’s third annual report on the industry says that average investment from companies in the Midlands will hold firm in 2017 and 2018 at 19% of their total turnover.

A total of 56% expect growth to stem from new-product development, and 36% plan to create jobs.

However, businesses surveyed also forecast a turnover growth of 13% (lower than the national average of 15%). More than a third see the UK’s exit from the European Union as “the biggest threat to supply” between now and 2019, but they are positive about a number of benefits from Brexit, including competitive exports due to weaker sterling and more acquisition opportunities.

David Atkinson, head of manufacturing at Lloyds Bank Commercial Banking, said: “The automotive industry remains our largest manufacturing export sector, with a national supply chain and a presence in every UK region.

“This report highlights an industry looking to the future, eager to put any uncertainty generated by the EU referendum behind it.

“However, much rests on the nature of the UK’s future trading relationships, with some firms continuing to put plans on hold as they await the full details of Britain’s exit from the EU.”