Britain’s automotive industry requires more clarity on post-Brexit scenario for growth

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)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s