| Author (Person) | Society of Motor Manufacturers and Traders (SMMT), |
|---|---|
| Series Title | News |
| Series Details | 26.06.18 |
| Publication Date | 01/10/2018 |
| Content Type | News |
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The Society of Motor Manufacturers and Traders (SMMT), representing the sector in the United Kingdom, issued its 2018 UK Automotive Sustainability Report on the 26 June 2018. The report highlighted the importance of the automotive sector to the UK economy – with manufacturing turnover at a record £82bn in 2017. Brexit uncertainty was thwarting investment and SMMT repeated its call for customs union membership. The SMMT called for swifter progress on Brexit and a deal that, as a minimum, maintained customs union membership and delivered single market benefits. With investment slowing and time running out, negotiators must get on with the job of agreeing a deal that would put an end to uncertainty and prioritise the needs of the automotive sector. While the latest industry figures showed record turnover, the result of long planned investments, but amid growing concern that progress could be reversed in the absence of clarity on the UK's future regulatory and customs relations with the EU. Further information For more information in ESO on Brexit and the automotive sector click here. Individual car manufacturing companies such as BMW, Honda, Nissan, Volvo, Jaguar Land Rover and Ford also expressed concerns. The comments from the automotive sector echoed concerns from the aerospace sector and, in particular, Airbus in June 2018. See also the concerns of the wider business (and trade union) community in a joint statement issued on the 27 June 2018 message from the Directors General of BusinessEurope and the Confederation of British Industry (CBI), Markus Beyrer and Carolyn Fairbairn, and the General Secretaries of the European Trade Union Confederation (ETUC) and the (UK) Trades Union Confederation (TUC), Luca Visentini and Frances O’Grady urging faster progress on Brexit negotiations - in particular, on key issues including regulatory alignment, frictionless trade and Northern Ireland. |
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| Source Link | Link to Main Source https://www.smmt.co.uk/2018/06/uk-automotive-industry-urges-rethink-on-brexit-red-lines-as-uncertainty-bites/ |
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| Subject Categories | Business and Industry |
| Countries / Regions | United Kingdom |
