Sep 18, 2018

Honda: No-deal Brexit 'would cost tens of millions'

The senior vice president of Honda Europe has warned that a no-deal Brexit would cost his company tens of millions of pounds. "And clearly if we end up with World Trade Organization tariffs we'd have something like 10% costs in addition on our shipped product back into Europe, and that would certainly run into tens of millions of pounds." A host of carmakers in Britain, including Nissan and Jaguar, have warned a bad or no Brexit deal would be damaging for the UK car industry. Despite uncertainty over a future trade deal, carmakers such as Nissan, BMW and Toyota have committed to expanding production in Britain since the Brexit vote. Critics say the deal would make Britain a rule taker, not a rule maker, and hamper its ability to strike trade deals around the world.

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