Investments in the automotive industry in the UK has halved against the background of uncertainty about Brexit, told the British Society of producers and sellers of automobiles (SMMT).
The volume of investments in the first six months of 2018 made 347,3 million pounds ($460 million), compared with 647,4 million pounds over the same period last year.
SMMT noted that investment this year has been minimal since the financial crisis.
“There is no reliable “plan B” for smooth customs mechanisms, and it is unrealistic to expect that there may be concluded a new trade agreement the UK with the rest of the world that compensate for the enormous value of trade with the EU. The government should reconsider its position on the customs Union”, – said CEO of SMMT Mike Howes.
“Brexit didn’t succeed in our industry, especially in an increasingly hostile and protectionist global trading environment. Our message to the government is that until it can demonstrate how a new model for customs and trade with the EU can play those advantages which we now enjoy, it is not necessary to change it,” added Howes.
Chief Executive officer of SMMT Mike Howes. Photo: EPA/FACUNDO ARRIZABALAGA
The head of the SMMT, said the BBC that the automotive industry needs “clarity” about the future after Brexit.
According to House, a scenario in which Britain leaving the customs Union and the single market without preferential trade deals, will be “the worst option that you can imagine”.
As reported “Vesti.Economy,” German carmaker BMW might close their factories in the UK, if the Kingdom’s exit from EU would cause difficulties in the supply of parts.
“We have always said that I can do everything and prepare everything, but if in the end, the supply chain will stop at the border, we will not be able to produce our products in the UK,” said the Financial Times Manager of BMW customs clearance Stefan Freymuth.
Rosstat: the products in Russia has risen more than the EU
Food in Russia rose in January-may by 2.1%, while in the EU – 1.1%, informs Rosstat. In may food prices fell in Russia by 0.1% in the EU increased by 0.4%.
In 2017 the food in Russia rose less than in the EU. It was the first time since 2011, the Growth in the price of products made in Russia, 0.7 percent in 2017, while in the EU to 2.6%.
Vegetables in Russia rose in January-may more – by 14.4% (in EU – on 2,7%), vegetables – by 9.3 percent (in the EU – 6.7%).
The price of sugar, jam, honey, chocolate and sweets have grown in Russia for five months of 1.8% (in the EU – 0.4%), fish and seafood – by 1.1% (in the EU – 1.3%), dairy products, cheese and eggs – by 0.3% (in EU prices decreased by 0.3%).
Bakery products, cereals, meat, meat products, oils and fats grew in Russia in January-may. In EU prices for the first four kinds of food have grown on 0,1-0,5%, oils and fats fell by 0.2%.
The law on the withdrawal of Britain from the EU entered into force
A bill to withdraw Britain from the European Union became law after formal endorsement by the British Queen Elizabeth II.
This was announced by the speaker of the lower house of the British Parliament John bercow. The law will take effect after the withdrawal of Britain from the EU on 29 March 2019.
The new legislation will supersede the previous rules, which requires the UK to observe first and foremost the European legislation. We are talking about the Law of the European communities (European Communities Act), adopted in 1972.
The Minister for British exit from the EU David Davis said that the official approval of a law is “a historic moment in the preparation of Britain to exit the European Union.”
