The cost of Brexit

26 November 2020 #Uncategorised

As time runs out for both sides to agree a UK-EU trade deal, the latest UK production figures give a clear warning of what may come if Automotive is not at the centre of the negotiations. Following a steady recovery since May, CV production volumes plunged -25.6% in October. A no-deal Brexit and the subsequent WTO tariff imposition of £55.4 billion would cut overall vehicle production (including CVs) by two million over five years.

UK Automotive is one of the country’s most valuable economic assets, supporting some 180,000 often high-skilled and high-paid manufacturing jobs in communities across every nation and region of the UK, including those regions hit hardest by the economic impact of the pandemic. Any deal must work for automotive to sustain competitiveness, help drive green recovery and jobs and keep the UK at forefront of global decarbonisation agenda.

Despite the many challenges, with the right conditions, the automotive sector can deliver jobs growth we need and increase prosperity in every region. We stand ready to work with government to help build back better, together.

Update Newsletter