Survey: What will be the biggest impact of a no-deal Brexit on the UK automotive sector?
28 June 2019
28 June 2019
The UK Government is currently in the middle of deciding who will become the new Prime Minister, following the resignation of the incumbent Theresa May.
The first job of the country’s new top politician will be to sort out the mess that is Brexit. The UK was due to leave the EU on 29 March, but this has been delayed until 31 October. Additionally, May’s withdrawal agreement has failed three times to gain parliamentary backing and the EU insists this deal cannot be renegotiated.
While both challengers, Jeremy Hunt and Boris Johnson, insist that a no-deal Brexit is the last resort, unless they can come up with a way to appease parliament and the EU, this situation is looking likely – a position that worries the Society of Motor Manufacturers and Traders (SMMT), which has already witnessed falling sales, production and investment.
Even Japan’s foreign minister has recently announced that he would prefer a no-deal Brexit to be taken off the table. With Honda, Toyota and Nissan producing models in the UK, the industry would be hit hard should no-deal work against the Asian country.