Europe is waking up to the impact of a hard Brexit – Telegraph.co.uk

Europe is waking up to the impact of a hard Brexit – Telegraph.co.uk

http://ift.tt/2tztQ2i

Brexit could be terrible news for the car industry – the German car industry, that is. The hit to German carmakers from a “no-deal”, so-called “hard Brexit”, characterised by the introduction of WTO tariffs on imports, could be as catastrophic as the impact of the financial crisis and lead to a massive reduction in its trade surplus and huge, politically traumatic job cuts in its core industry. That, at least, is the message from a devastating study published by Deloitte’s German unit, one that will hopefully encourage all sides to get real about the need to maintain free trade when the UK leaves the EU.

Of course, the imposition of trade barriers between UK and EU trade would also be terrible news for British manufacturers and consumers. It is imperative to avoid a trade war: protectionism is a brain-dead, economically illiterate policy that impoverishes all sides. There is no reason why…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s