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“> See all stories on this subject UK vehicle and fleet markets ready selves for impact of Brexit With a 52%majority, the Out project thrived, leaving issues over the impact on car production in the UK and the wider picture for UK companies. Following the news, the pound crashed to a 1985 low, with sterling falling below €€ 1.35 while the FTSE 250 index plunged 11.4% – – its worst drop ever. In reaction to the Brexit result, the Governor of the Bank of England said: “Some market and financial volatility can be expected as this process unfolds.” He included that: “The Bank will continue to consult and cooperate with all relevant domestic and international authorities to guarantee that the UK financial system can absorb any stresses and can concentrate on serving the genuine economy. “The best contribution of the Bank of England to this process is to continue to pursue relentlessly our obligations for monetary and monetary stability.” Already, the implications of Brexit on the car market have actually come under focus. The Society of Motor Manufacturers and Traders (SMMT) – – which had actually previously indicated that staying in Europe was crucial to the future of the UK automobile industry – – provided a declaration today (24 June) on the news, with chief executive Mike Hawes stating: “Government must now keep financial stability and protect a deal with the EU which safeguards UK automotive interests. This consists of protecting tariff-free access to European and other worldwide markets, ensuring we can hire skill from the EU and the rest of the world and making the UK the most competitive location in Europe for vehicle investment.” In particular, carmakers with UK operations have actually been left thinking about the ramifications. A press declaration released by the SMMT in March laid out that 77% of members said staying in Europe was well for their business, according to a 2016 study by independent pollster ComRes. The most recent manufacturing figures launched by the SMMT reveal that 81.5% of the automobiles produced in the UK in April w.
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