UK and European Union have joined forces to demand that politicians avoid a no-deal Brexit and the imposition of damaging World Trade Organisation tariffsBritish and European leaders have just weeks to save the car industry from the “devastating” impact of a no-deal Brexit, carmakers from across the continent have warned. Automotive groups from the UK and the rest of the European Union have joined forces to demand negotiators “pull out all the stops” to prevent Britain reverting to World Trade Organisation (WTO) rules from the start of next year. Jobs will be lost and car prices will rise if border tariffs are imposed, the 23 groups warned in a joint statement. Over five years, the cost to the industry would be €110 billion, they said. The intervention came after last week’s stand-off, which caused a sharp fall in the pound on fears of a breakdown in negotiations.

Source: The Times September 13, 2020 23:03 UTC