Brexit uncertainty halves investment in auto industry
SMMT warned that a no-deal Brexit would be “catastrophic” for the industry as it outlined that carmakers and their suppliers had announced new investment in the UK worth £588m last year, nearly half of that invested in 2017. Falls in production at car plants across the country have also been reported.
UK automotive companies are urging all politicians to do whatever it takes to avoid a ‘no deal’ Brexit as latest figures from the Society of Motor Manufacturers and Traders (SMMT) show British car production fell to its lowest level for five years in 2018. 1,519,440 new cars left UK factories, a decline of -9.1%, and the second consecutive annual fall as the sector faces multiple challenges.