The UK car sector recently voiced its worries that Britain’s planned push to abolish parts of the Northern Ireland Protocol (NIP) could negatively impact investment within the industry.
Chief Executive for the Society of Motor Manufacturers and Traders (SMMT), Mike Hawes, recently warned that Britain’s exit from Europe had bumped up costs for auto manufacturers, adding that unless there can be stability, investment in the sector is likely to suffer.
At the recent International Automotive Summit, helmed by the SMMT, Hawes commented that the industry had made little progress since the end of 2020, when the EU and the UK established the Trade and Cooperation Agreement (TCA). The Chief Executive commented:
“Brexit was a trauma; But it is not yet ‘done’ and the effects of it are still being felt. There was an immense sense of relief when the deal was finally made; it sought to protect this sector.”
Hawes added that the TCA was viewed as a foundation to build on, but that, to date, progress had been limited. He cited the fact that working groups promised had not been met, the crucial regulations that were UK-specific had yet to be set and Brexit costs all as issues suffered by the industry.
Additionally, Hawes gave a warning that uncertainty regarding the NIP could also deter investment at a time when the government is pressing enterprises to pledge more funds. Companies and consumers interested in investing in industries like the automotive sector often seek financial advice in Chester, Birmingham and other cities from wealth management companies.
