Markets lifted by Biden transition and vaccine optimism, as bitcoin hits $19,000 – business live

The UK automotive sector risks losing £55bn in manufacturing value within five years in the event of a no-deal Brexit, according to new industry analysis.

British car production could drop below 1m cars a year if there is no deal, compared with more than 1.3m in 2019, because tariffs would make large parts of the UK business unviable, said forecasts commissioned by the Society of Motor Manufacturers and Traders, the industry lobby group.

The car industry has endured a difficult year, as the coronavirus pandemic has forced the temporary closure of every factory in Europe and reduced demand for new cars. At the same time, European car companies spent £54bn last year on new electric car technologies to meet tightening carbon dioxide emissions rules.

Britain’s car industry body on Tuesday called on Brexit negotiators to clinch a deal by the end of 2020, saying failure to do so could cost the sector 55.4 billion pounds ($74 billion) in tariffs by 2025 and undercut its ability to develop the next generation of zero-emission vehicles..


Read More   Northern rail to be stripped of franchise, says Grant Shapps

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.