London — Uncertainty over Brexit has halved new investment in the British car industry and Prime Minister Theresa May should change tack to keep the world’s fifth largest economy in the EU’s customs union, the country’s main car lobby group said. Public announcements of fresh investments into new plant, machinery, models and model development fell to £347.3m between January and June 21, down from £647.4m in the first half of 2017. "There is growing frustration in global boardrooms at the slow pace of [Brexit] negotiations," said Mike Hawes, head of the Society of Motor Manufacturers and Traders ( SMMT). "Government must rethink its position on the customs union," Hawes said, referring to May’s position that Britain will leave the customs union that groups EU members in a duty-free area where there is a common import tariff for non-EU goods. With only nine months left until Britain is due to leave the EU, there is little clarity about how trade will flow as May, who is grappling with...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now