Whatever happens over the next few months, one thing we can be sure about is that the outcome of the Brexit negotiations will not only decide our future trading relationship with the EU but also the future nature of the automotive sector in the UK.
The sector’s importance to the UK is crucial: over the past ten years, it has grown by 118% to become a £101 billion trading powerhouse, the single biggest exporter of goods, trading with some 160 countries and accounting for 14% of total exports. Although cars make up the majority, we also export components worth £5.2 billion and £2.9 billion for engines.
A no-deal Brexit could undermine the entire industry with delays at ports alone, adding up to £50,000 a minute cost for the sector. Behind these numbers are hundreds of thousands of jobs and livelihoods across the UK.
However, the right deal, combined with ongoing collaboration and an ambitious auto-focused trade strategy, could deliver a £20 billion trade boost. Climate change, air quality and vehicle safety are all global challenges and the UK could be in pole position to exploit the opportunities these present.
