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Britain’s car industry has warned Boris Johnson about the risk of leaving Europe overnight, although the letter’s impact isn’t likely to be clear for a while yet.
Britain’s car industry has warned new UK Prime Minister, Boris Johnson, about the risk of a ‘hard’ exit from the European Union.
A letter from the Society of Motor Manufacturers and Traders (SMMT) to Boris Johnson said a “no-deal Brexit presents an existential threat” to the British car industry.
“We are highly integrated with Europe and a no-deal Brexit would result in huge tariff costs and disruption that would threaten production, as well as further undermining international investors’ confidence in the UK,” SMMT CEO Mike Hawes said in the letter.
A no-deal Brexit would see Britain leave the European Union with no formal ‘divorce’ agreement. It would leave the single market and customs union designed to facilitate trade between EU nations overnight, instead of gradually extracting itself from the complicated agreements that have governed the relationship since 1973.
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