Automakers with long supply chains are at risk from short-term disruption if Britain leaves the EU without a deal
Britain is scheduled to leave the EU on October 31, and negotiations between the British government and EU are increasing in intensity, but U.K. Prime Minister Boris Johnson has said if an agreement is not made by the deadline, Britain will leave anyway.
“In the longer term, an extended period of trading on World Trade Organization terms would act as a drag on corporate performance due to the impact of tariffs and non-tariff barriers,” the report said. Some experts say that given just over half of Britain’s exports are now conducted under WTO rules, it wouldn’t be too difficult to switch to that scenario for all exports.
“We will have to close. We cannot switch off and on again,” JLR CEO Ralf Speth told the Financial Times.Last week, Europe’s carmakers published a joint statement demanding that the EU and Britain forsake a ‘no-deal’ Brexit because the consequences would be catastrophic.
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