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“Hard” Brexit Cost to Carmakers: $3.8 Million Per Hour
Exiting the European Union with no trade deal will cost the British auto industry £3 million ($3.5 million) per hour, warns the Society of Motor Manufacturers and Traders.
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Exiting the European Union with no trade deal will cost the British auto industry £3 million ($3.5 million) per hour, warns the Society of Motor Manufacturers and Traders.
“We don’t have the luxury of time,” declares Mike Hawes, who heads the trade group. “’No-deal’ remains the clear and present danger.” The U.K.’s delayed Brexit deadline is Oct. 31.
SMMT has been warning for months that crashing out of the EU with nothing to assure continued frictionless trade will disrupt supply chains and hike the costs of components and assembled vehicles.
The British auto industry exports about 80% of the vehicles it makes, half of them to the EU. With no new trade deal, the U.K. could see tariffs on the latter group of products rising from zero currently to 10% under World Trade Organization rules.
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