U.K. car industry investment down by half due to Brexit

Jun. 26, 2018 – Britain’s leading car manufacturing trade association says investment in U.K. auto production has fallen by half in the last year due to worries over the country’s upcoming exit from the European Union.

The Society of Motor Manufacturers and Traders says only 347 million pounds ($460 million) was invested in new models and facilities during the first half of 2018 compared to 647 million pounds during the same period the year before.

Chief Executive Mike Hawes said Tuesday the current government position on Brexit “goes directly against the interests of the U.K. automotive sector, which has thrived on single market and customs union membership.”

He says there is no credible plan for “frictionless” customs arrangements with the EU.