Editor in Chief: Moh. Reza Huwaida Monday, October 22nd, 2018

Brexit Could Make UK Car Sector ‘Extinct’: Business Lobby

Brexit Could Make UK Car Sector  ‘Extinct’: Business Lobby

LONDON - The president of Britain’s main business lobby on Wednesday warned that the country’s car industry risked “becoming extinct” outside the EU’s customs union.
“If we do not have a customs union, there are sectors of manufacturing society in the UK which risk becoming extinct,” Confederation of British Industry (CBI) president Paul Dreschler told BBC Radio 4’s Today programme.
He highlighted the car industry as being particularly threatened by any deal that did not secure “real frictionless trade” with the European Union post-Brexit.
Prime Minister Theresa May is under pressure to commit to some kind of customs partnership as she pushes key Brexit legislation through parliament, despite promising that Britain would make a clean break with the EU in order to strike trade deals with the rest of the world.
The CBI president claimed there was “zero evidence” that such deals would provide any economic benefit to Britain.
“There’s zero evidence that independent trade deals will provide any economic benefit to the UK that’s material. It’s a myth,” he said.
The uncertainty was also forcing companies to delay investment decisions, he added. (AFP)