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'Catastrophic' no-deal Brexit may set UK auto sector back 20 yrs: Industry

Brexit talks are stuck over the issue of how to avoid a hard border between the British province of Northern Ireland and the Irish Republic

Reuters  |  Brussels 

Failure to secure a trade deal for Britain when it exits the European Union next year could set the UK auto sector back two decades, leading parts suppliers said on Wednesday as they urged leaders to reach agreement at a summit in Brussels.  Europe's carmakers' lobby ACEA and suppliers' association CLEPA, along with BMW and brakes maker Brembo, jointly warned that a no-deal exit would be catastrophic for the industry.  The "just-in-time" industry model relied on frictionless trade between Britain and mainland Europe, they said. "If we are ...

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First Published: Wed, October 17 2018. 16:01 IST