UK auto companies cut jobs, fear for investment as Brexit nears

 One in three British auto companies operas is cutting jobs as Brexit nears, up from one in eight just under a year ago, according to a survey conducted by a group representing the industry which risks being a big loser from Brexit.

Some 80 percent of companies feared leaving the European Union would hurt their future prospects and nearly two-thirds said they would be unable to invest in their British operations, the Society of Motor Manufacturers and Traders (SMMT) survey showed.

“Make no mistake, every day ‘no deal’ remains a possibility is another day of lost investment, another day that makes it harder to recover investor confidence in the UK,” SMMT CEO Mike Hawes said.

“As yet, the damage is not irreversible. But we need a deal. A deal that, in the short term, enables a ‘business-as-usual’ transition for as long as it takes to negotiate and implement the future trading relationship,” Hawes said.