SMMT still ‘hopeful’ of Brexit deal
The SMMT says it is still hopeful that a trade deal between the UK and the EU can be agreed.
Chances of a successful negotiation appear to be reducing after Prime Minister Boris Johnson said there was a strong possibility of a no-deal outcome, while European Commission president Ursula von der Leyen said a deal was now unlikely.
Mike Hawes, SMMT chief executive, said: “Even at this 11th hour, we remain hopeful that a trade deal will be struck between the UK and EU. Leaving the single market and customs union means we will incur significant additional costs, but a ‘no deal’ scenario would be far more damaging. The resulting tariffs would put our manufacturers at a disadvantage in export markets, raise prices for consumers and make the UK uncompetitive, both as a market and producer.
“We know the UK government understands this, and we hope it will do whatever it takes to secure a deal that safeguards the sector and hundreds of thousands of livelihoods that depend on its success.”
