SMMT: Proposed Brexit Deal a “Positive Step”

The proposed Brexit deal from British Prime Minister Theresa May is a “positive step” toward limiting the damage to the U.K.’s auto industry when Britain exits the European Union next spring, says the Society of Motor Manufacturers and Traders.

But SMMT, which sees no upside for the British auto industry in any Brexit deal, cautions that May’s plan is merely a first step. The measure, which was unveiled yesterday, would begin the formal exit process at the end of March.

Hardliners want the U.K. to simply walk away from the EU, thereby restoring its full autonomy. Britain’s business community favors the least disruption possible, especially regarding the trade benefits of EU membership.

May’s “soft” solution aims for middle ground. But the fierce reaction it rekindled earlier today shows she lacks the backing of her cabinet, let alone Parliament.

Earlier today May’s Brexit secretary, Dominic Raab, resigned, saying he could not reconcile terms of the plan with May’s vow to the country last year for a more decisive exit. The resignations of another cabinet secretary and two junior ministers soon followed