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Automotive industry warns UK exclusion from EU rules could cost Italy 1.7 billion euros
The Society of Motor Manufacturers and Traders (SMMT) has warned that excluding the United Kingdom from 'Made in Europe' industrial rules could severely impact the European automotive sector, particularly in Italy.
Mike Hawes, CEO of the SMMT, stated that such a move fails to account for decades of integrated supply chains. An analysis commissioned by the SMMT and conducted by Oxford Economics suggests that Italy could face a GDP loss of 1.7 billion euros and the potential loss of 20,000 jobs. This is due to the heavy reliance of Italian component manufacturers on British assembly lines.
The UK serves as a primary export market for EU vehicles, and EU manufacturers currently sell more automotive components to the UK than to any other global market. The total trade relationship between the two regions is valued at approximately 80 billion euros per year.
Entities
European Union · Italy · Mike Hawes · Oxford Economics · Society of Motor Manufacturers and Traders
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Up to 20,000 jobs in Italy are at risk due to the potential exclusion of the UK from EU manufacturing rules. www.spazio50.org · quotidianodifoggia.it · quotidianodibari.it
- [● 3 SOURCES] Excluding the UK from EU rules could cost the Italian economy 1.7 billion euros in GDP. www.spazio50.org · quotidianodifoggia.it · quotidianodibari.it
- [● 3 SOURCES] Excluding the UK from 'Made in Europe' rules would negatively impact Italy. www.spazio50.org · quotidianodifoggia.it · quotidianodibari.it
- [● 3 SOURCES] EU manufacturers sell more automotive components to the UK than to any other global market. www.spazio50.org · quotidianodifoggia.it · quotidianodibari.it
- [● 3 SOURCES] The trade relationship between the EU and the UK is valued at 80 billion euros annually. www.spazio50.org · quotidianodifoggia.it · quotidianodibari.it