Britain's car industry has warned new UK Prime Minister, Boris Johnson, about the risk of a 'hard' exit from the European Union.
A letter from the Society of Motor Manufacturers and Traders (SMMT) to Boris Johnson said a "no-deal Brexit presents an existential threat" to the British car industry.
"We are highly integrated with Europe and a no-deal Brexit would result in huge tariff costs and disruption that would threaten production, as well as further undermining international investors' confidence in the UK," SMMT CEO Mike Hawes said in the letter.
A no-deal Brexit would see Britain leave the European Union with no formal 'divorce' agreement. It would leave the single market and customs union designed to facilitate trade between EU nations overnight, instead of gradually extracting itself from the complicated agreements that have governed the relationship since 1973.
The previous Prime Minister, Theresa May, would've had Britain leave the European Union over the course of a 21-month transition period, but her proposal was voted down three times by the UK Parliament.
Uncertainty surrounding Brexit has already taken its toll on the British car industry. Honda has officially announced it'll close its Swindon operation when production of the current Civic ends, spelling the death of 3500 jobs, while Nissan has cancelled production of the next-generation X-Trail at its facility in Sunderland.
Boris Johnson has promised to have Britain out of the European Union by October 31st, so we'll know more soon.
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