‘Hard Brexit would be arduous and expensive’
The German automotive industry has warned that a Great Britain exit from the common market could have a detrimental effect on both countries.
President of Germany’s carmaking lobby VDA, Matthias Wissmann, said, ‘An exit of Great Britain from the (EU’s) common market would have significant consequences for the economy on both sides of the channel. A hard Brexit would be arduous and expensive. The consequence would be a long phase of insecurity. By the time new contracts have been negotiated, years will pass. This has a deterring effect on investors.’
Every second new car sold in Britain comes from a German-owned brand, and every second car made in the United Kingdom is exported to a customer in the European Union, according to the VDA.
Meanwhile, BMW has also stressed the need for tariff-free access.
A spokesperson for the German manufacturer said, ‘We acknowledge the Prime Minister’s announcements and urge her to ensure the UK’s negotiations with the EU result in uncomplicated, tariff-free access to the EU single market in future.’