Business

UK automobile trade launches contingency program for ‘no deal’ Brexit

LONDON (Reuters) – Britain’s automotive trade on Wednesday launched a “Brexit Readiness Programme” to assist safeguard its provide chain within the event of a “no deal” exit from the European Union.

FILE PHOTO: Imported vehicles are parked in a storage space at Sheerness port, Sheerness, Britain, October 24, 2017. REUTERS/Peter Nicholls/File Photo

Carmakers are apprehensive that port and motorway hold-ups may sluggish the motion of parts and completed fashions, crippling output and including prices, if Britain fails to achieve settlement with the European Union over its departure from the bloc on March 29.

FILE PHOTO: Imported vehicles are parked in a storage space at Sheerness port, Britain, October 24, 2017. REUTERS/Peter Nicholls/File Photo

The Society of Motor Manufacturers and Traders (SMMT), the UK trade’s commerce physique, mentioned its program highlighted “a contingency planning minefield”, with adjustments to rules, onerous customs processes, tariffs and restricted entry to expertise among the many challenges going through the sector in a “no deal” state of affairs.

The SMMT mentioned its program was significantly geared toward offering assist for small and medium sized firms (SMEs), who make-up the overwhelming majority of Britain’s automotive provide chain.

Phase one of many readiness program will see authorized and accountancy companies supply recommendation and consultancy companies on commerce and tax preparations exterior of the EU, customs procedures and adapting to regulation adjustments from chemical compounds to information safety, employment legislation and immigration.

“A ‘no-deal’ Brexit could have devastating consequences. With the clock ticking on negotiations, businesses must plan for all eventualities, including the worst,” mentioned SMMT CEO Mike Hawes.

Reporting by James Davey. Editing by Jane Merriman

Our Standards:The Thomson Reuters Trust Principles.

Tech News

Source

Show More

Related Articles

Close