The British car industry is under substantial competitive pressure even without that political trauma; with it, this and other sectors of the UK economy face intense uncertainty. Notwithstanding the recent growth of employment and wages overall, economic prospects are bleak until the political uncertainty is eased. The decision is also emblematic for other key British industries beset by uncertainty over their just-in-time supply chains. Forecasts for the British economy if a hard or no-deal exit happens range from pessimistic to catastrophic. Brexit ideologues say these forecasts are a strategy of fear or part of a necessary transition towards a freer trading system.

Source: The Irish Times February 22, 2019 00:00 UTC