According to the CEO of Society of Motor Manufacturers and Traders (SMMT), Britain’s biggest car manufacturing lobby, “There is growing frustration in global boardrooms at the slow pace of negotiations”.

On Tuesday, Britain’s biggest car manufacturing lobby, the Society of Motor Manufacturers and Traders (SMMT), stated the lack of clarity over Brexit has diminished new investment in Britain’s car industry by 50% since British Prime Minister May’s government plans for trade following Britain’s departure from the bloc are unrealistic.

Between January 2018 and June 21, 2018 public announcements of fresh investments into new plant, machinery, tooling and equipment, models and model development fell to $461.1 million (347.3 million pounds), down from 647.4 million pounds in the first half of 2017.

“There is growing frustration in global boardrooms at the slow pace of negotiations,” said Mike Hawes, CEO of the Society of Motor Manufacturers and Traders (SMMT).

“Government must rethink its position on the customs union.”

($1 = 0.7532 pounds)