By a thread
The Brexit deal eliminates the risk of widespread exodus, but still could fall short for carmakers with too little leeway to take on more expenses. Any further fallout could have big implications for the UK economy.
The country s auto industry employs more than 860,000 people, over a fifth of whom are on staff at vehicle and parts factories. Carmakers sent 42.4 billion pounds ($57 billion) worth of autos and components overseas last year, 13% of the nation s total exports.
The domestic market is unlikely to compensate for any lost overseas sales. Registrations already dropped for three consecutive years before being decimated by the pandemic, plunging 31 per cent through November.
Brexit: World reacts to UK and EU s trade deal
Reuters/London, United Kingdom Filed on December 24, 2020
British Prime Minister Boris Johnson holds a news conference in Downing Street on the outcome of the Brexit negotiations, in London, Britain December 24, 2020.
(Reuters)
This is the UK s most significant global shift since the loss of empire.
Britain clinched a Brexit trade deal with the European Union on Thursday, just seven days before it exits one of the world s biggest trading blocs in its most significant global shift since the loss of empire.
Below are some of the reactions:
KEY PLAYERS:
British Prime Minister Boris Johnson:
Britain clinched a Brexit trade deal with the European Union on Thursday, just seven days before it exits one of the world’s biggest trading blocs in its most significant global shift since the loss of empire.