No-Deal Brexit Could Harm British Car Manufacturers

The British automobile industry could struggle in the case of a no-deal Brexit, according to a recent report by Reuters.

A no deal Brexit could cut UK vehicle production by two million units over the next five years, as per the the Society of Motor Manufacturers and Traders (SMMT).

In addition, it could cost the industry about GBP 55.4 billion ($74 billion) in tariffs by 2025.

Furthermore, failure to reach a deal with the European Union (EU) could limit its ability to develop the next generation of zero-emission vehicles.

“With scant time left for businesses to prepare for new trading terms, the sooner a deal is done and detail communicated, the less harmful it will be for the sector and its workers,” SMMT reportedly said in a recent statement.