The UK's car industry received just £90m ($110m) in investment in the first half of 2019, according to the Society of Motor Manufacturers & Traders (SMMT), which described the figure as pitiful. Hawes said the industry was preparing for no deal at the end of October but the shutdowns by several companies in April could “not be easily repeated”. This compares to annual investments of £2.5bn to £2.7bn in R&D before 2016's EU referendum. In a speech on Tuesday, Chancellor Philip Hammond said that Britain would be "playing by our own rules" and leaving the single market was "not an option". The industry has previously said a no-deal could cost the sector over 100,000 jobs and that automotive firms will look for government support.
The UK's car industry received just £90m ($110m) in investment in the first half of 2019, according to the Society of Motor Manufacturers & Traders (SMMT), which described the figure as pitiful. This compares to annual investments of £2.5bn to £2.7bn in R&D before 2016's EU referendum. In a speech on Tuesday, Chancellor Philip Hammond said that Britain would be "playing by our own rules" and leaving the single market was "not an option". The industry has previously said a no-deal could cost the sector over 100,000 jobs and that automotive firms will look for government support.