Brexit could make UK car sec­tor ‘ex­tinct’: Biz lobby

The Hitavada - - BUSINESS -

THE Pres­i­dent of Bri­tain’s main busi­ness lobby on Wed­nes­day warned that the coun­try’s car in­dus­try risked “be­com­ing ex­tinct” out­side the EU’s cus­toms union.

“If we do not have a cus­toms union, there are sec­tors of man­u­fac­tur­ing so­ci­ety in the UK which risk be­com­ing ex­tinct,” Con­fed­er­a­tion of Bri­tish In­dus­try (CBI) Pres­i­dent, Paul Dreschler told BBC Ra­dio 4’s pro­gramme.

He high­lighted the car in­dus­try as be­ing par­tic­u­larly threat­ened by any deal that did not se­cure “real fric­tion­less trade” with the Euro­pean Union (EU) post-Brexit.

Prime Min­is­ter Theresa May is un­der pres­sure to com­mit to some kind of cus­toms part­ner­ship as she pushes key Brexit leg­is­la­tion through Par­lia­ment, de­spite promis­ing that Bri­tain would make a clean break with the EU in or­der to strike trade deals with the rest of the world.

The CBI pres­i­dent claimed there was “zero ev­i­dence” that such deals would pro­vide any eco­nomic ben­e­fit to Bri­tain.

“There’s zero ev­i­dence that in­de­pen­dent trade deals will pro­vide any eco­nomic ben­e­fit to the UK that’s ma­te­rial. It’s a myth,” he said.

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