Automakers cautious on UK-EU Brexit deal

Companies were cautious about a deal reached on Thursday between the UK and the EU to ward off a no-deal Brexit.

Auto manufacturers this week urged the British the government to make a deal with the EU and help safeguard the future of an industry that had been going through a renaissance in recent years as foreign brands invested in local plants. Export tariffs would make UK-built autos uncompetitive when sold in mainland Europe, they said.

“This moves us further away from a damaging ‘no deal’ Brexit and the huge and immediate tariff hit that would ensue,” SMMT CEO Mike Hawes said of Thursday’s agreement.

“To give the UK automotive industry certainty, however, and to assure its continued global competitiveness, we need a truly ambitious future relationship — one based on tariff-free and frictionless trade,” Hawes said.