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27th-Jun-2018

UK car sector investment collapses on Brexit impact

By AFP, London


Investment in Britain's automotive sector collapsed by almost half in the first six months of the year, impacted by Brexit uncertainty, industry data showed Tuesday.
The Society of Motor Manufacturers and Traders revealed the news to coincide with its annual meeting in central London.
Car investment plunged to œ347.3 million ($461 million, 395 million euros) in the first six months of 2018, compared with œ647.4 million in the same part of 2017, according to SMMT data.
The organisation warned that new investment projects were being hindered by uncertainty over the government's ongoing Brexit negotiations with Brussels.
"The SMMT today called for swifter progress on Brexit and a deal that, as a minimum, maintains customs union membership.