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No-deal Brexit And Covid Threaten 'Double Whammy' For Car Industry

No-deal Brexit And Covid Threaten 'Double Whammy' For Car Industry

UK and European car makers have warned a no-deal Brexit could put a £100bn dent in the region's car industry in the next five years, adding to heavy losses already caused by Covid-19.

 

A letter signed by 23 trade groups across Europe urges the government to make a deal rather than default to World Trade Organization (WTO) rules. It says without one there will be a "catastrophic" rise in tariffs. A government spokesperson said it is "working hard" to reach an agreement.

 

The industry has already taken a £90bn hit this year due to Covid-19, the SMMT added. The UK left the European Union on 31 January but will enjoy tariff-free trade with the bloc until the end of the year as part of the transition period.

 

But fears are growing that both sides will be unable to strike a longer-term trade deal by then. The European Automobile Manufacturers Association (ACEA), which penned the letter, said that securing a trade agreement by January was an absolute "must" for firms on both sides of the Channel.

 

"Otherwise our sector - already reeling from the Covid crisis - will be hit hard by a double whammy," said director general Eric-Mark Huitema.

 

Source:BBC

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