Research shows that tariffs on UK exports into Europe will cost manufacturers £1.8 billion, while the cost of 10 per cent duties on bringing in cars from the Continent will be £2.7 billion Nigel Roddis/ReutersLosing access to the single market will cost British motor manufacturers and motorists £4.5 billion a year, the head of the UK automotive trade has warned. In a plea to the government to sign a deal that keeps Britain’s car industry within a tariff-free EU trading bloc, Gareth Jones, president of the Society of Motor Manufacturers and Traders, said to do otherwise would be to throw away recent gains made by the sector. Speaking at the SMMT’s 100th annual dinner in London last night, Mr Jones revealed the latest research from the industry trade body, which showed that tariffs on UK exports into Europe would cost manufacturers £1.8 billion, while the cost of 10 per cent duties on bringing in cars from the Continent would…

Source: The Times November 30, 2016 00:05 UTC