The Society of Motor Manufacturers and Traders (SMMT) has said uncertainty about the UK’s future trading relationship with the EU is “thwarting” investment and that anything less than “continued membership of the customs union” and “maintenance of the benefits the single market delivers” will cost jobs in an industry that employs one million people in Britain.
You’ve heard this song before, although it’s being sung with some urgency. The carefully-worded press release speaks of “growing frustration in global boardrooms” at the slow progress of Brexit negotiations.
“Time is running out,” the SMMT warns, but note: there’s no ultimatum similar to the one Airbus set last Friday. To-date, only BMW has set a deadline for the government to provide clarity.
The other large volume manufacturers – Jaguar Land Rover, Vauxhall, Nissan, Toyota, Honda and Ford – share BMW’s concerns but appear to be keeping quiet for now.
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