UK Auto Industry at Risk if no Brexit Deal is Reached

Failing to strike a Brexit deal would put “hundreds of thousands” of jobs in the car industry at risk, MPs have said.

The Business, Energy and Industrial Strategy Committee said continued close alignment with the EU would ensure the industry’s survival.

And it warned the introduction of trade barriers would leave the sector unable to compete with its European rivals.

The government said it wanted a deal that maintains the industry’s strength.

In a report published on Thursday, the Business, Energy and Industrial Strategy (BEIS) Committee said the UK car industry was largely export-led with Europe as the primary market.

The sector’s success was built on “complex supply chains” that stretch throughout Europe, it said.

If trade barriers were erected after Brexit, it could cost the sector upwards of £4.5bn in lost exports, the committee said. Jobs and inward investment worth “hundreds of millions of pounds” would also be lost.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza