MYTH 1: The automotive industry shouldn’t worry about leaving the EU with #nodeal
TRUTH: Leaving without a deal would trigger the most seismic shift in trading conditions UK Automotive has ever experienced
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TRUTH: This is a cyclical sector & other issues are also undermining global growth but companies surveyed said Brexit was costing jobs & competitiveness
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TRUTH: These are issues challenging the global industry but uncertainty is causing investors to look elsewhere
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TRUTH: The EU, which accounts for more than half of our trade, is a 15 million-strong car market on our doorstep
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TRUTH: Sterling devaluation may make exporting cheaper, but it makes automotive manufacturing more expensive & will not offset the cost of tariffs
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TRUTH: Unless UK reaches agreement with the EU, tariffs will increase. If prices rise the market will contract causing consumer choice to shrink
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TRUTH: If the UK wants to sell cars to the EU & other global markets, it must comply with these rules. We currently have a say in their creation.
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TRUTH: ‘No deal’ will cost jobs, not create them. Thousands of cuts have already been announced with 1 in 8 companies reducing headcount
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TRUTH: Recent announcements have shown how difficult it is to replicate trade deals. Free trade agreements take many years to negotiate
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TRUTH: 12% of cars sold here in the UK are built here. We export more than 80% of the cars we produce
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TRUTH Using tariffs to support domestic industry is strictly regulated under WTO rules. Some financial support is allowed but other countries could retaliate
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TRUTH: German & EU car industries have been clear: the single market matters more than a deal with the UK
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TRUTH: Auto manufacturing delivers an annual £82bn to the Treasury, employs 186,000 people & is 13% of the UK’s export in goods
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