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Brexit is killing investment in UK car industry

Tuesday, Jun 26 2018
Brexit is killing investment in UK car industry

The Society of Motor Manufacturers and Traders said Tuesday that investment in new models, equipment and facilities in the United Kingdom was £347 million ($460 million) in the first half of the year, compared to £647 million ($860 million) in the same period of 2017. The dramatic decline underscores fears that customs checks resulting from Britain's departure from the European Union could hold up parts shipments needed to keep auto factories running smoothly.

BMW, which makes the iconic Mini at a factory near Oxford, warned on Monday that delays would result in plant closures. "We always said we can do our best and prepare everything, but if at the end of the day the supply chain will have a stop at the border, then we cannot produce our products in the United Kingdom," BMW customs manager Stephan Freismuth told the Financial Times.

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