An industry survey conducted by Britain’s Society of Motor Manufacturers and Traders (SMMT) showed late on Tuesday, three-quarters of businesses in Britain’s automotive sector believe a no deal Brexit would hurt them.
Key Findings (courtesy Reuters):
The SMMT, which opposed Brexit, said 74 percent of its members thought a no-deal Brexit would hurt their business versus 9 percent who saw benefits.
More than one in 10 firms had moved jobs abroad and a similar proportion had cut British staff as part of preparations for Brexit.
Tony Walker, SMMT president and Toyota’s Managing Director for Europe, noted: “Crashing out of the EU would have immediate and devastating impacts, with border chaos disrupting the ‘just in time’ basis on which our business depends.”