UK car industry sounds 'red alert' over no deal Brexit damage

The UK car industry says it has sounded a "red alert", as production and investment tumble in the run-up to a possible no-deal Brexit. The Society of Motor Manufacturers and Traders (SMMT) reported that vehicle output from UK plants fell to a five-year low of just over 1.5 million vehicles in 2018. Investment, the industry body said, "stalled" at almost £590m over the 12 months. It said the sum was 50% down on 2017. The SMMT released the figures as carmakers face battles on many fronts - with the future of diesel-powered cars in sharp focus amid a collapse in demand and the global economic slowdown, particularly in China, also among the headwinds. The UK's departure from the EU has been uppermost on the industry's mind since the referendum campaign began. Airbus helps ministers 'make clear' impact of no deal Brexit The SMMT has consistently argued that the prospect of new trade tariffs and supply chain disruption would make the industry uncompetitive abroad. Eight in 10 cars made in Britain are currently shipped overseas. The SMMT claims two-thirds of the industry's foreign sales would be at risk under a hard Brexit, leaving scores of jobs under threat among the UK's directly employed workforce of 186,000. World Business Current Affairs Financial Economy Global Markets Original Jedi Business Donations Welcome https://www.paypal.com/cgi-bin/webscr...