Failure to reach an EU trade deal will hit cash-strapped UK businesses, destroy the fragile recovery in the automotive sector and slow down the uptake of electric vehicles, the BVRLA has warned.
The BVRLA is the trade body for the vehicle rental, leasing and fleet sector. Its members own and operate a combined fleet of five million cars, vans and trucks and buy around half of all new vehicles registered each year. It has written to senior policymakers across Government, highlighting the devastating impact of a No Deal EU Exit.
The BVRLA estimates that the resulting tariffs imposed on new car and van imports from the EU would add £2.1 billion to the fleet sector’s annual new car costs. The transition to zero emission motoring will also be threatened, with the association estimating that fleets will need to spend an extra £2.8 billion on battery electric cars over the next five years.
“The time for political posturing has passed,” said Gerry Keaney, BVRLA Chief Executive.
“We need policymakers on both sides to reach a deal soon so that business and consumers can acquire new vehicles in cost-effective confidence and support a green recovery across the UK automotive sector and the wider economy.”
Last week the BVRLA joined the CBI and more than 70 other trade associations from sectors across the UK economy in calling for the swift conclusion of a UK-EU trade deal.
More details of the BVRLA’s no EU trade deal analysis can be found on the BVRLA website.