Leaving single market could 'jeopardise' motor industry

The motor industry in the UK could be threatened if we leave the single market following Brexit, according to a statement made to the BBC by the chief executive of the Society for Motor Manufacturers and Traders (SMMT).

A complete removal from the single market could 'jeopardise' the future success of the UK motor industry, according to Mike Hawes. He explained that inclusion in the single market was a major factor in the industry's success.

He stated: "Don't be blinded by the good news that you're seeing not just around our sector but around business in general. We're very concerned that the future state of the automotive industry and the success could be jeopardised if we're not in the single market."

Car dealers across the nation will be concerned about this latest stark warning from Hawes, who is seen as a very influential figure in the motor trade. Car dealerships can protect themselves against some unforeseen costs by taking out full motor trade insurance. Protecting yourself against the costs involved with damage to your cars and premises from flood, fire and criminal activity, which could take the pressure off financially during times when business is tough.

Hawes added: "The challenge to the government is to ensure that industry, which creates the jobs on which so many people depend, has what it needs for its future success, but also address… concerns about immigration."

Simon Jack, BBC business editor gave his viewpoint on the situation, explaining that the industry currently enjoys tariff-free business with the rest of the EU, allowing it to trade freely and without impediment. After leaving the single market, the motor industry would have to pay tariffs, suffer export delays and work under EU regulations upon which it has no influence.