The truth behind 13 automotive Brexit myths
The UK automotive sector's warnings of the perils of a ‘no deal’ Brexit have frequently been dismissed by those supporting a hard exit from the EU. Here the UK sector's trade body SMMT debunks some of these arguments.
TRUTH: Leaving without a deal would trigger the most seismic shift in trading conditions UK Automotive has ever experienced. Overnight, it would be hit by an immediate end to free and frictionless trade with its biggest market, an end to preferential trade with a further 70 countries worldwide, the imposition of billions of pounds of tariffs, severe disruption to supply chains and production, and lasting damage to the global reputation of the UK as an attractive and stable investment destination.
TRUTH: The past two years have seen a significant drop in investment, car sales and manufacturing, driving the industry off course to meet its production target of two million cars by 2020. This is a cyclical sector and other issues are also undermining global growth but companies surveyed said that Brexit was costing jobs and competitiveness – one in five automotive companies have already lost business; thousands of jobs are being lost – and the UK hasn’t even left yet. This is reality.
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