Brexit could lift the average price of imported cars in the U.K. by as much as 1,500 pounds ($1,873) if the country loses tariff-free access to the European Union, a trade group said.
A so-called hard Brexit could cost the British industry and consumers as much as 4.5 billion pounds annually, the Society of Motor Manufacturers and Traders said Tuesday. Tariffs on imported cars would cost at least 2.7 billion pounds a year and car buyers might have to bear much of the excess cost if automakers are unable to absorb it, the group said. Exports from the U.K. to the EU would be subject to another 1.8 billion pounds in added expense, it added.
