The BBC reports that the UK’s largest car manufacturing plant is “unsustainable” if the UK leaves the European Union without a trade agreement, said owner Nissan.
The Japanese company’s global chief operating officer told the BBC that people need to understand that the EU is the Sunderland plant’s biggest customer. Ashwani Gupta said that Nissan’s commitment could not be met if there were no duty-free access to the EU. Nissan has invested billions of pounds in the factory, which has 7,000 employees. His comments come despite the Sunderland site which survived the announcement this week of the Japanese giant’s global restructuring program.
Mr Gupta said: “You know we are the leading car manufacturer in the UK and we want to continue. We are determined. Having said that, if we don’t get the current rates it is not our intention, but the business will not be sustainable. This is what everyone needs to understand. “
As the BBC notes, “last week, the EU’s chief negotiator, Michel Barnier, said that the EU would consider a two-year delay in Brexit, which was pushed back by its British counterpart David Frost, who declared to deputies that the policy of the government remains not to prolong the period of transition beyond the end of the year. “
Under an agreement signed last year, the UK has until the end of this month to decide whether it wants to request such an extension. The coming weeks are therefore crucial for sterling traders.