Open Demo Account
Home / Market Update / No-Deal Brexit Could Harm British Car Manufacturers

No-Deal Brexit Could Harm British Car Manufacturers

M. Ali 27 November, 2020 3:18 am Market Update

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.

Tags

Check Also

Trump’s Tariff Threats Weigh on Japanese Yen

Yen Faces Downward Pressure: The Japanese yen has faced significant pressure since the release of …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends