THE AUTOMOTIVE sector’s importance to the UK is crucial, says the SMMT. Over the past ten years, it has grown by 118% to become a £101 billion trading powerhouse, the single biggest exporter of goods, trading with some 160 countries and accounting for 14% of total exports. Although cars make up the majority, Britain also exports components worth £5.2 billion and £2.9 billion for engines.
A no-deal Brexit could undermine the entire industry with delays at ports alone, adding up to £50,000 a minute cost for the sector. Behind these numbers are hundreds of thousands of jobs and livelihoods across the UK, says SMMT.
