Brexit halves new investment in British car industry, auto industry lobby
June 26, 2018 12:43 PM NPT
Photo Courtesy: Agencies
LONDON, June 26: Uncertainty over Brexit has halved new investment in the British car industry as Prime Minister Theresa May’s government current plans for trade after Britain leaves the EU are unrealistic, the biggest car manufacturing lobby said on Tuesday.
Public announcements of fresh investments into new plant, machinery, tooling and equipment, models and model development fell to 347.3 million pounds ($461.1 million) between January and June 21, 2018, down from 647.4 million pounds in the first half of 2017.
“There is growing frustration in global boardrooms at the slow pace of negotiations,” Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT).
“Government must rethink its position on the customs union.”