The life of Britain’s successful auto industry hangs in the balance.
On Tuesday, Britain’s car industry set out its list of Brexit demands to British Prime Minister Theresa May’s government, warning that a return to WTO rules could permanently damage the now successful sector.
As per the Society of Motor Manufacturers and Traders, Britain needs to:
- maintain passporting rights for automotive finance firms
- retain the right to approve vehicles for use in the European Union.
- have access to EU trade deals with nations such as Japan.
The British car industry, which is on course for a record output by the end of this decade, is concerned that a hike in tariffs and a loss of access to its biggest export market could significantly hurt investments and risk the viability of its auto manufacturing plants.
In the June 8 elections, much to her surprise May has failed to win an outright majority which has prompted differing views among her colleagues in her cabinet on whether Britain should remain in the European customs union, which guarantees unfettered trade, when it leaves the EU.