A no-deal Brexit 'could see Aston Martin stop vehicle production'

Aston Martin warns Brexit no-deal will force it out of the UK

Aston Martin has warned it could have to halt production of all its cars if Theresa May fails to secure a Brexit deal.

Speaking to a Business, Energy and Industrial Strategy committee, Wilson said Aston Martin would suffer huge costs if they were forced to stop production and seek regulatory approval elsewhere.

Currently VCA approved cars are able to be sold across the European Union thanks to the UK's membership.

Giving evidence to the Business Select Committee, Mr Wilson said that Aston Martin was planning to continue producing in the United Kingdom after Brexit but needed more clarity about a possible transitional deal.

"We're a British company". VCA approval certificates are now "recognised without question throughout the European Community and the wider group of countries belonging to the European Economic Area", according to the agency.

"Not only in resourcing to another type approval. but also the semi-catastrophic effect of having to stop production because we only produce cars in the United Kingdom", he said.

Under current laws, all new cars made in the United Kingdom must have Vehicle Certification Agency (VCA) approval, which is valid in the EU.

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He said: "Rectifying to the new type-approval - be that federal, United States or Chinese type approval - or even trying to retroactively apply to use the European type approval would mean stopping our production".

Mike Hawes, the chief executive of the Society for Motor Manufacturers and Traders, also warned the cost per vehicle of having no Brexit deal could be as much as £1,800.

World Trade Organisation rules, the default position after no deal, apply tariffs of 10% to finished automobiles.

Mr Keating told the MPs that Honda would take 18 months to get its systems ready for new customs procedures for exporting to Europe.

Mr Keating said Honda imports two million components every day from the Continent on 350 trucks and has just one hour of stock on its shelves.

Honda government affairs manager Patrick Keating urged Ministers to give the industry greater clarity on any interim or transition "bridging" deal between Brexit in 2019 and a new trading arrangement. This poses a problem for the United Kingdom, as free trade agreements require that 60% of goods must come from within the countries making the agreement.

"How much of that 44% actually comes from the United Kingdom, bearing in mind those suppliers are buying in supply chains from all over the world?"

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