However, speaking after the report's publication, industry chiefs presented what was described as a “buccaneering” spirit in the face of Brexit despite technical challenges. Andy Palmer, chief executive of Aston Martin, said: “There’s some good news in Brexit for our part of the industry. The weak pound means there’s pricing advantages, tariffs work both ways and that could shut out competitors such as Ferrari.” He added that he expects a deal on Britain leaving the EU because of the UK’s reputation as being the “Treasure Island” of Europe for the car industry, largely because of its appetite for cars. “I’m sure there will be an agreement - the UK is too important for European manufacturers - if you take away the treasure then it becomes just an island.” His thought were echoes by executives from McLaren, Lotus and TVR. “We work in the luxury goods market, so if prices rise in the event of tariffs, well it’s not desirable but it is by no means the end of the world,” said TVR chairman Les Edgar.
A poor Brexit deal will put at risk UK's leadership in technology for high-performance cars, a Society of Motor Manufacturers and Traders report has warned. While the Britain is the global leader in low-volume and high-value car manufacturing, that status could be endangered by leaving the European Union, it warned. British developers of new technologies could feel the impact if they're unable to influence European rules to remain competitive amid ongoing innovation, it warned. Meanwhile, Andy Palmer, CEO of Aston Martin, said he expects a good Brexit deal, as the Britain is "too important" for European car makers.