Aston Martin Says It Needs A Brexit Deal To Continue Production

Aston Martin Says It Needs A Brexit Deal To Continue Production

Speaking at the Business Select Committee over the issue, the British automaker's chief financial officer, Mark Wilson, claimed the results could be "semi-catastrophic" if a deal isn't secured.

Honda government affairs manager Patrick Keating urged Ministers to give the industry greater clarity on any interim or transition "bridging" deal between Brexit in 2019 and a new trading arrangement.

"We are a British company".

"Not only in resourcing to another type approval. but also the semi-catastrophic effect of having to stop production because we only produce cars in the United Kingdom", he said.

Mike Hawes, chief executive of auto industry trade body SMMT, added it might not even be possible to meet all the requirements of the certification process if the United Kingdom had to start again from scratch, rather than build on existing arrangements. "Without VCA type approval it really is a stark picture for us", he said. But, if a Brexit deal is not reached, VCA validity for new models in Europe could cease in March 2019.

Calling for clarity by March 2018, Keating said that it would take 18 months for Honda to get its systems ready for potential new customs procedures for exporting to Europe.

He said Honda imported two million components every day from Europe on 350 trucks and had just one hour of stock on its shelves.

Will provide full support to Balochistan to improve security situation: PM
The premier further said that the centre is ready to assist the province in any way it requires in the fight against terrorism. PM after holding meetings in Quetta left for Islamabad.

Every 15 minutes of delay at customs would cost the company £850,000 a year, although Mr Keating admitted the figure was not "scientific".

He added: "We're thinking about increasing the amount of warehousing and the amount of stock we would have to hold if friction entered the border".

Mark Wilson told MPs a "No Deal" could see the European Union tear up an agreement where United Kingdom vehicle standards are recognised on the Continent. This poses a problem for the United Kingdom, as free trade agreements require that 60% of goods must come from within the countries making the agreement.

Mike Hawes, chief executive of the SMMT, said auto prices in the United Kingdom could increase by around £1,500 per vehicle in the event of no deal.

"How much of that 44% actually comes from the United Kingdom, bearing in mind those suppliers are buying in supply chains from all over the world?"

He said scrapping the agreement would have the "semi-catastrophic effect of having to stop production".


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