The vast majority of the UK automotive industry feels that staying in the EU would be in their best interests, according to new research.
A survey by the Society of Motor Manufacturers and Traders (SMMT) has found 92 per cent of UK motor trade companies feel they would benefit from staying in the EU. The results, released in a report entitled ‘The UK Automotive Industry and the EU’ published today (2 April), showed that firms see it is an important way of maintaining the existing supply chains, labour movement and trade networks.
It is clear that UK-based manufacturers, car dealers and tradesmen wish to remain part of the union. But it is important that any of these companies who are importing or exporting vehicles within the EU ensure their motor trade insurance policy covers this international activity; there can be cases when certain types of vehicle or levels of business activity will not be covered within an insurance policy so due diligence must always be taken in this area.
The news comes as Liberal Democrat leader Nick Clegg prepares for the second live TV debate with Ukip’s Nigel Farage. Broadcast on BBC 2 tonight, the pair will discuss the pros and cons of the UK remaining part of the EU.
According to the SMMT’s figures, almost 70 per cent believe that a withdrawal from Europe would negatively impact their business in the medium to long-term. As well as removing barriers to trade on the continent, being part of the EU is also seen as an important way of boosting business through R&D funding and helping secure investment in the UK automotive industry from overseas.