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U.K. Asks Carmakers for Data on Risks of Brexit
David Davis, the British secretary in charge of implementing the U.K.’s exit from the European Union, tells carmakers they can expect a “calm and orderly” Brexit process.
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David Davis, the British secretary in charge of implementing the U.K.’s exit from the European Union, tells carmakers they can expect a “calm and orderly” Brexit process.
He also asked representatives from Aston Martin, BMW, Ford, Honda, Jaguar Land Rover, McLaren, Nissan and Vauxhall to quantify the risks they perceive in Brexit, such as changes in foreign exchange and tariffs, the ability to hire foreign workers and the impact on their supply chains, the Financial Times reports.
One attendee at a meeting with Davis tells FT the data would help the government weigh options as it enters the lengthy Brexit negotiating period. Carmakers have emphasized that their British facilities will need continued open access to the European market, which absorbs half their output.
The exit process includes a two-year negotiation period under Article 50 of the EU rules. But finalizing all trade aspects of the separation is likely to take longer. The executives asked Davis for government guarantees—presumably to offset any shifts in tariffs and access to trade channels—during the transition period. Attendees say the meeting was constructive but produced no commitments.
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