LONDON, Nov. 30 (Xinhua) -- A motor lobby on Wednesday urged the British government to develop its industrial strategy with an immediate focus on automotive priorities post-Brexit.
The president of the Society of Motor Manufacturers and Traders (SMMT) Gareth Jones underlined the industry's recent impressive growth and outlined the risks to investment and success if the benefits of the single market were lost.
New SMMT analysis suggests that EU tariffs on cars alone could add at least an annual 2.7 billion pounds (3.37 billion U.S. dollars) to imports and 1.8 billion pounds to exports. Import tariffs alone could push up the list price of cars imported to Britain from the continent by an average of 1,500 pounds if brands and their retail networks were unable to absorb these additional costs, it added.
SMMT published production figures showing British car makers were on track to set a new record for exports and beat the production volumes achieved last year.
However, he warned that this success was the result of multi-billion pound investment decisions made years before the EU referendum was even a prospect.
"The government has commendably put industrial strategy at the heart of business and the department for business. It does so as it faces its toughest challenge of leaving the EU. We must make the right decisions: on trade, on regulations and on business competitiveness," Jones said.
