The UK auto industry said British Prime Minister Theresa May’s tentative Brexit deal with the European Union was a “positive step” for car companies operating in Britain.
Under the terms of the deal announced Wednesday, the UK will enjoy a 21-month transition phase after Brexit takes place next March. During this period nothing will change, and businesses can carry on operating as now.
“For the automotive industry, Brexit is about damage limitation. The outline agreement is a positive step in avoiding the devastating consequences of ‘no-deal’ and securing a transition period,” said Mike Hawes, CEO of the SMMT, which represents auto companies with UK operations.