The UK automotive industry has already spent at least £330m ($401m) on contingency plans to cover the country’s departure from the EU, according to the Society of Motor Manufacturers and Traders (SMMT).
The figure of £330m for Brexit contingency planning includes the stockpiling of materials and parts, warehousing, new logistics solutions, extra insurance and training in new customs procedures.
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With uncertainty continuing over Britain’s departure from the European Union, automakers and suppliers warned this week of “catastrophic consequences” if the country leaves the bloc without a comprehensive agreement in place.
A report published by the SMMT and Frost & Sullivan says the UK is well positioned to lead the development of connected and autonomous vehicles – provided there is enough government support, and it avoids crashing out of the EU.
The UK Society of Motor Manufacturers and Traders (SMMT) has published what it says is a rebuttal of 13 arguments used about the automotive sector over Brexit. The SMMT says that a ‘no deal’ Brexit would have a devastating impact on the sector and the hundreds of thousands of jobs ...
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