Bad Brexit will cost UK factories £50 billion

Europe and Britain’s car industries have today called on the two sides to urgently clinch a free trade agreement, warning that a disorderly Brexit would cost the sector 110 billion euros (£101.79 billion) in lost trade over the next five years.

In a joint statement signed by 23 auto industry associations, UK and EU negotiators were warned that tariffs would make vehicles more expensive and cause a drop in demand that could eliminate production of 3 million vehicles over the next five years.

This would cost EU plants €57.7 billion (£53 billion) and UK factories €52.8 billion (£49 billion), they said.

Commenting, Best for Britain CEO Naomi Smith said:

“The Government’s willingness to break the law and cut off talks with the EU will only hold back our economic recovery and leave British industry, particularly the car industry, lagging behind in the slow lane for years to come.

“Bad relations with the EU makes no sense for either side and most people will think it’s inconceivable that the Government would take such a gamble at such a critical time in the country’s history.”

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