Home NEWS Business ‘Catastrophic’ danger to Britain’s car industry from no deal on Brexit, MPs told

‘Catastrophic’ danger to Britain’s car industry from no deal on Brexit, MPs told

2 min read
0
1

Sponsored links

Mike Hawes, chief executive of car industry trade body SMMT, added it might not even be possible to meet all the requirements of the certification process if the UK had to start again from scratch, rather than build on existing arrangements.

Mr Wilson said he “hoped it would not come to that”, adding he was “encouraged” by talk of a transitional deal.

MPs also heard that the UK car sector – which has an annual turnover of £79.5bn and exports about 80pc of cars built in the UK – has seen investment in plants tumble since the referendum as uncertainty weighs.

Investment had been averaging £2.5bn a year but fell to £1.6bn in 2016 and is headed to be less than £1bn this year, with anecdotal evidence of car companies “sitting on their hands”, said Mr Hawes.



Sponsored links
Source link

Load More Related Articles
Load More In Business
Comments are closed.

Check Also

Will Justice Department’s Lawsuit Derail Deal-Making Boom?

On Tuesday, Mr. Trump weighed in again on the deal. “Personally, I’ve always felt that tha…