Daily Management Review

UK car production fell in April due to Brexit


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.

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

Science & Technology

SpaceX Receives Approval To Create Research & Manufacturing Facility In Los Angeles

JPMorgan: Transition to e-money will be based on blockchain

Tesla In Advance Talks With CATL For Using Lithium Batteries

Financial giants and US government turn to quantum computers

Long Way To Go For Coronavirus Vaccine, Say Drgumakers

Google's subsidiary launches recognition service for photoshopped images

Unapproved Drug For Coronavirus Treatment And Testing Given By Gilead Sciences

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

World Politics

World & Politics

Japan’s vice minister will fly to Lebanon to make case for Carlos Ghosn’s return

Compared To China, More New Coronavirus Cases Being Reported From Outside It

EU Informs Britain That It Can’t Slacken EU Climate Goals & Carbon Pricing

France shuts down first reactor of the country's oldest NPP

Coronavirus Outbreak Delays Several Conference And Trade Deals Across The Globe

Germany pledges to fight right-wing extremism after Hanau shooting

Ex-head of Mexican Pemex will be transferred to Madrid prison

China Releases First Detailed Study Of Coronaviurs Attack, Finds Elderly At Most Risk