• Saturday, August 13, 2022

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No-deal Brexit could mean big price hikes for UK car buyers, warns SMMT

No-deal Brexit Tariffs on Light Vehicle Alone Add £5 Billion to EU-UK Auto Trade Bill: SMMT (Photo Credit: PAUL ELLIS/AFP/Getty Images).

By: Radhakrishna N S

No-deal Brexit and the resulting tariffs on light vehicles alone would add £5 billion to the collective EU-UK auto trade bill, said UK’s The Society of Motor Manufacturers and Traders (SMMT) in a statement on Wednesday (19). “If passed directly on to consumers, import tariffs would push up the cost of UK built cars sold in the EU by an average £2,700, and that of light commercial vehicles by £2,000 affecting demand, profitability and jobs,” SMMT added. Similarly, UK buyers of a car or van from the EU would be faced with £1,500 and £1,700 increases if manufacturers and their dealer…

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