Brussels — Failure to secure a trade deal for Britain when it exits the EU next year could set the UK automotive sector back two decades, leading parts suppliers said on Wednesday as they urged leaders to reach agreement at a summit in Brussels. European carmakers’ lobby ACEA and suppliers’ association CLEPA, along with BMW and brakes maker Brembo, jointly warned that a no-deal exit would be catastrophic for the industry. The just-in-time industry model relies on frictionless trade between Britain and mainland Europe, they said. "If we are continuing to be taken hostage by this situation, the flourishing UK auto industry could come back to the situation it was at 20-25 years ago," said Roberto Vavassori, a management board member at Brembo and president of CLEPA. The recovery of Britain’s automotive sector in the 20 years since the decline of British Leyland and its successor Rover Group was based on investment from around the world, he said. Vavassori said he feels "betrayed" that ...
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