Daily Management Review

UK car production fell in April due to Brexit


05/30/2019


The British Society of Motor Manufacturers and Traders (SMMT) reported that automobile production in the country in April fell by 44.5% in annual terms to 70,971 thousand units. This is the sharpest decline since the global financial crisis, writes Reuters.



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Car factories closed last month to avoid the risk of disrupting the supply chain due to the potentially erratic Brexit without a deal. Initially it was assumed that the UK will leave the European Union on March 29.

The leaders of the EU countries in April agreed to postpone the withdrawal of the UK from the block until October 31. This reduced the Brexit risk without a deal, but extended a period of economic uncertainty.

The delay was agreed too late for automakers to change their plans. As a result, there was a decline in production, notes SMMT. The situation was aggravated by tensions in world trade.

“Today’s data shows the huge costs and upheavals that uncertainty about Brexit has already caused for businesses and workers in the UK auto industry,” said SMMT Executive Director Mike Howes.

"Long-term instability caused incalculable damage, because fear of Brexit without a deal holds back progress, leads to a halt in investment, loss of jobs and undermining our global reputation," he added.

Automobile production accounts for about 9% of total production in the UK, the fifth largest economy in the world.

source: reuters.com






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