MPs call for single market access for car industry
MPs have released a report calling Brexit negotiations an 'exercise in damage limitation' for the car industry.
The Business, Energy and Industrial Strategy Committee released a report on Brexit and the automotive sector and says the government must try to keep the 'closest possible relationship with existing EU regulatory and trading frameworks.
They want to ensure the best chance of survival for UK volume car manufacturing post-Brexit, citing Society of Motor Manufacturers and Traders (SMMT) estimates that trade barriers could result in a £4.5bn drop in exports in the event of a no-deal Brexit.
The report says Europe is the primary market for the UK's primarily export-led automotive industry, and says it is 'unrealistic' to expect an expansion of overseas trade to outweigh the loss of trade to Europe from a hard Brexit.
It also says any new bilateral trade deals are unlikely to lead directly to a significant increase in investment and jobs in the sector.
Published: by Radio NewsHub