UK car body warns output will slump if Brexit leads to tariffs with EU

British annual car production will drop by a third to 1 million by 2024 if Brexit leads to tariffs with the European Union, the Society of Motor Manufacturers and Traders (SMMT) warned, saying output would be lost to other countries.

Britons head to the polls in just over two weeks to elect a new government with Prime Minister Boris Johnson promising to pass his Brexit deal as soon as possible, whilst the opposition Labour Party would renegotiate and call a referendum in 2020.

The sector, Britain’s biggest exporter of goods, warned on Tuesday that World Trade Organisation tariffs on components imported into Britain and exported vehicles would add more than 3.2 billion pounds ($4 billion) a year to manufacturing costs in the worst case scenario.

Via Reuters