The Financial Times reports that investment in the UK car industry has plummeted since the June 2016 referendum, having fallen to £322m during the first half of 2017, according to industry data compiled by SMMT.
Investment during 2016 within this sector was £1.66bn, which marked a 30 percent decline over 2015’s £2.5bn. If the current downward trend continues, total investment in the UK car industry during 2017 will total just one-quarter of what it was two years ago. What’s more, the majority of 2017 investment so far comes from Toyota, which made a £240m investment at its Burnaston plant in Derbyshire.
Mike Hawes, chief executive of the SMMT, said of the position of car makers awaiting clarity on a post-Brexit trade deal:
“It’s very difficult to cost investment if you don’t know what your output price is going to be. The industry wants a lot more certainty.”