The British automobile sector has warned a no-deal Brexit would cost the industry billions and have a devastating and irreversible effect across the continent. The British Automobile Manufacturers' Association, the British Association of Automotive Suppliers and 17 national groups issued a joint statement about the situation, claiming consumers would suffer from a "seismic shift" if the UK leaves the EU on World Trade Organization rules, which impose a 10% levy on cars. Just a one minute shutdown of automotive production in the UK would cost €54,700 ($60,000), the statement claimed, while customers would also experience a loss of choice.
The European automobile sector has warned a no-deal Brexit would cost the industry billions and have a devastating and irreversible effect across the continent. The European Automobile Manufacturers' Association, the European Association of Automotive Suppliers and 17 national groups issued a joint statement about the situation, claiming consumers would suffer from a "seismic shift" if the UK leaves the EU on World Trade Organization rules, which impose a 10% levy on cars. Just a one minute shutdown of automotive production in the UK would cost €54,700 ($60,000), the statement claimed, while customers would also experience a loss of choice.