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Carmakers Urge Delay Over No-Deal in Brexit
Britain’s auto trade group is urging the U.K. to delay its scheduled exit from the European Union rather than leave with no trade deal.
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Britain’s auto trade group is urging the U.K. to delay its scheduled exit from the European Union rather than leave with no trade deal.
Mike Hawes, executive director of the Society of Motor Manufacturers and Traders, tells Reuters that a no-deal Brexit on Oct. 31 “the worst outcome.”
SMMT estimates that investment in the British auto industry plummeted 70% in the first half of 2019 to a mere £90 million ($111 million). Hawes says crashing out of the EU with no new trade pact in place would continue to make it “very, very difficult” to attract further investment.
SMMT has repeatedly warned that a lack of stability for supply chains could be a final blow to the viability of the industry.
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