Tags: APFN | EU | Brexit

UK Car Industry Cites Brexit as Cause of Investment Slowdown

Tuesday, 26 June 2018 04:38 AM

LONDON (AP) — Britain's leading car manufacturing trade association says investment in U.K. auto manufacturing has fallen by half in the last year due to worries over the impact of Britain leaving the European Union.

The Society of Motor Manufacturers and Traders says only 347 million pounds ($460 million) is being invested in new models and facilities during the first half of 2018 compared to 647 million pounds used that way during the same period the year before.

Chief executive Mike Hawes said Tuesday the current government position on Brexit "goes directly against the interests of the U.K. automotive sector which has thrived on single market and customs union membership."

He says there is no credible plan for "frictionless" customs arrangements with the EU.

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Britain's leading car manufacturing trade association says investment in U.K. auto manufacturing has fallen by half in the last year due to worries over the impact of Britain leaving the European Union.The Society of Motor Manufacturers and Traders says only 347 million...
APFN,EU,Brexit
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2018-38-26
Tuesday, 26 June 2018 04:38 AM
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