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MoneyNo-deal Brexit could deliver ‘knockout blow’ to UK car industry

13:15  25 june  2019
13:15  25 june  2019 Source:   cityam.com

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The UK ’s car industry has stepped up its no - deal Brexit warning, saying that crashing out of the EU would trigger “the most seismic shift” in trading The group said the end of borderless trade could cause “crippling disruption” and World Trade Organisation tariffs would “ deliver a knockout blow ” to

A no - deal Brexit could cost the UK car industry up to £70 million a day, according to a new report. The Society of Motor Manufacturers and Traders (SMMT) has warned that a hard exit from the EU could deliver a “ knockout blow ” to the sector’s ability to compete.

No-deal Brexit could deliver ‘knockout blow’ to UK car industry © Getty

The UK’s car industry has stepped up its no-deal Brexit warning, saying that crashing out of the EU would trigger “the most seismic shift” in trading conditions that the industry has ever seen.

The Society of Motor Manufacturers and Traders (SMMT), the car industry organisation, has urged the UK’s next prime minister to secure a Brexit deal as a “number one priority” once he enters Downing Street.

The group said the end of borderless trade could cause “crippling disruption” and World Trade Organisation tariffs would “deliver a knockout blow” to competitiveness.

The warning comes as Boris Johnson, the current favourite to become the new Conservative Party leader, said he was willing to take the UK out of the EU without a deal.

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A no - deal Brexit could cost the UK car industry up to £70 million a day, according to a new report. The Society of Motor Manufacturers and Traders (SMMT) has warned that a hard exit from the EU could deliver a “ knockout blow ” to the sector’s ability to compete.

The UK Government has been warned by car giant Ford that failure to secure a final Brexit deal with the EU threatens Britain’s motor industry . Production for Ford’s cars start out life in their A no - deal Brexit could see Britain revert to World Trade Organisation tariffs and customs checks

Mike Hawes, SMMT chief executive, said: “Automotive matters to UK trade and to the economy, and this report shows that, if the right choices are made, a bright future is possible.

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No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry
No-deal Brexit could deliver ‘knockout blow’ to UK car industry

“However, ‘no deal’ remains the clear and present danger.

“We are already seeing the consequences of uncertainty, the fear of no deal.

“The next PM’s first job in office must be to secure a deal that maintains frictionless trade because, for our industry, ‘no deal’ is not an option and we don’t have the luxury of time’.

The automotive industry is the UK’s biggest exporter of goods, accounting for more than 14 per cent of total exports, SMMT said.

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