Sunday, October 25, 2020

UK automobile industry is in Red Alert

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

UK, car production has already collapsed ahead of the industry’s dreaded Brexit. The number of vehicles produced in the last year by 9.1 percent to 1.52 million, said the industry association SMMT (Society of Motor Manufacturers and Traders) on Thursday in London.

This is the worst negative since the recession during the banking crisis of 2008 and 2009.

However, SMMT CEO Mike Hawes is even more worried about the 46.5 percent drop in investments to 588.6 million pounds sterling and the fear of a disorderly exit from the EU.

“The industry is in red alert,” Hawes said. “The uncertainty surrounding Brexit has already caused enormous damage to production, investment and jobs.”

But this is nothing compared to what happens in a disorderly Brexit on the industry.

The important UK auto sector has seen declines in all areas such as sales, investment and productivity since 2016 – the year of the Brexit referendum.

 

In the UK, 850,000 people work in the automotive industry.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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