Brexit could harm UK car industry growth

Wednesday, June 29th, 2016 - autos, cars, motoring, news

Source : Brexit could harm UK car industry growth

Vauxhall show brand new figures SMMT Industry from the United Kingdom grew by 7.3% from the past year. along with of which urged the government to maintain the EU single market

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brand new figures released by the Motor Manufacturers along with Traders Association (SMMT) car industry show from the United Kingdom profits rose by 7.3%, along with added 17,000 brand new jobs from the past year, revealing the strength of the industry in Britain before referendum EU vote.

grew

car production by 5.2% to 1.7 million units, while the environmental impact of of which industry reduced by 24.2%, thanks to increased recycling along with reduce landfill waste.

was

trade value of £ 71600000000’s in 2015, along with the number of workers from the automotive sector from the UK has reached 814,000, with 169,000 involved from the direct manufacture of cars –8,000 through the year before

arrived

investment set a brand new record with the £ 2.5bn injected into the industry – along with of which figure represents 12% of the R & D total expenditure of the country, stressing the importance of the auto industry on the economy

Unsurprisingly, the SMMT uses numbers to urge the British government to keep the agreement free trade in Britain with the European Union after Brexit.

said

Prime SMMT Executive Mike Hughes has been successful cars in Britain, thanks to its access to the single market of the European Union. He warned of which the departure of the United Kingdom through the European Union could hinder future growth.

“Our growth depends on the certainty along with the continuation of open access along with reciprocal to the markets of 100-plus of which the auto industry from the United Kingdom traded with great success,” he said. “of which is actually not just the completion of the cars, however the components, technologies along with broader automotive value chain. Need any risks along with uncertainty for these essential benefits of which must be addressed head-on by the British government”

Brexit :. ? Why automakers believe

supporters Brexit say the United Kingdom buy many cars through different countries in Europe of which the European Union will have to approve the free trade agreement in order to keep jobs in countries such as Germany , of which issued about a fifth of its cars to the United Kingdom.

Matthias Wissmann, president of VDA, automotive industry association in Germany, had said earlier “Save Britain from the European Union is actually more important than keeping Greece from the euro zone.”

Nigel Farage at the meeting of the European Parliament said yesterday of which he believed of which Europe needs the United Kingdom more than the United Kingdom needs Europe along with pointed to the high demand for German cars in Britain.

However, the latest SMMT figures suggest maintaining a free trade agreement with Europe along with of which will be important to sustain growth. In a period of uncertainty of which follows Brexit before any potential deal could be struck of which is actually when of which is actually probable of which most of the damage is actually done.

Insiders therefore expect a slowdown in growth after the result of the referendum, although the exact effects are not likely to be known until the SMMT figures published next auto industry from the United Kingdom.

by Autocar via RSS



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