SMMT reaction to ongoing Brexit negotiations

Mike Hawes, SMMT Chief Executive: “Even at this eleventh hour, we remain hopeful that a trade deal will be struck between the UK and EU. Leaving the single market and customs union means we will incur significant additional costs, but a ‘no deal’ scenario would be far more damaging. The resulting tariffs would put our manufacturers at a disadvantage in export markets, raise prices for consumers and make the UK uncompetitive, both as a market and producer. We know the UK government understands this, and we hope it will do whatever it takes to secure a deal that safeguards the sector and hundreds of thousands of livelihoods that depend on its success.”