Stroud Liberal DemocratsToday, the Society of Motor Manufacturers & Traders (SMMT) published their report on the EU and car industry, highlighting the importance to the UK car industry of being in the EU.
The report states that 92% of car manufacturers in the UK want to stay in the EU and only 3% want to leave. In addition, 70% said that leaving the EU would have a negative or very negative impact on their business.
In the report, Chief Executive of GKN said: "If we do not participate, then the standards are all set in Europe...Europe has a voice on the global stage and it is incredibly important to be engaged in Europe and amplify what is important to the UK automotive sector."
Half of the UK's car exports are sold in Europe, making the car industry our largest export market. It is an integral part of the supply chain and our companies source more parts from the EU than within the UK or abroad.
The EU is a global standard setter for car industry rules and regulations. If we leave the EU, we still have to apply the rules but we will have no say, so the UK's industry will suffer.
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