ZCZC
BCN-16
BRITAIN-MANUFACTURING-AUTOMOBILE
UK car sector investment collapses on Brexit impact: industry data
LONDON, June 26, 2018 (BSS/AFP) – Investment in Britain’s automotive sector
collapsed by almost half in the first six months of the year, impacted by
Brexit uncertainty, industry data showed Tuesday.
The Society of Motor Manufacturers and Traders revealed the news to
coincide with its annual meeting in central London.
Car investment plunged to œ347.3 million ($461 million, 395 million euros)
in the first six months of 2018, compared with œ647.4 million in the same
part of 2017, according to SMMT data.
The organisation warned that new investment projects were being hindered by
uncertainty over the government’s ongoing Brexit negotiations with Brussels.
“The SMMT today called for swifter progress on Brexit and a deal that, as a
minimum, maintains customs union membership and delivers single market
benefits,” it said in a statement.
“With investment slowing and time running out, negotiators must get on with
the job of agreeing a deal that will put an end to uncertainty and prioritise
the needs of the automotive sector.”
BSS/AFP/SR/1700 HRS