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Nikos Christodoulides: The Eastern Mediterranean Needs a Regional Organisation

Anastasiades and Greek PM Mitsotakis to Meet in New York

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No-Deal Brexit 'Will Cost UK Car Manufacturers Extra £70m A Day'

No-Deal Brexit 'Will Cost UK Car Manufacturers Extra £70m A Day'

SMMT also warns car price will go up by average of £1,500 if UK leaves EU with no agreement, The Guardian reports.

he cost of car manufacturing will go up £70m a day if the UK leaves the EU without a deal, making the British automotive industry more vulnerable to closures, the industry has said.

It also warned for the second time this year that car prices will go up by an average of £1,500.

“Leaving the EU without a deal would trigger the most seismic shift in trading conditions ever experienced by automotive, with billions of pounds of tariffs threatening to impact consumer choice and affordability,” said the Society of Motor Manufacturers and Traders (SMMT) at an industry conference in London.

“The end to borderless trade could bring crippling disruptions to the industry’s just-in-time operating model. Delays to shipments of parts to production plants are measured in minutes, with every 60 seconds costing £50,000 in gross value added – amounting to some £70m a day in a worst case scenario,” it added.

The warning comes as Boris Johnson continues to be the frontrunner to be the next prime minister.

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