U.K. Auto Investment Down Almost 50% as Brexit Hits Spending
- Carmakers delay decision-making as no-deal fears stalk sector
- Annual output slides 9.1% amid diesel doubts, China slowdown
This article is for subscribers only.
The British automotive industry saw investment plunge last year as carmakers delayed decisions on upgrading machinery and factories amid mounting concern about the impact of a hard Brexit.
Spending plunged 46 percent to 589 million pounds ($769 million), the lowest since the global financial crisis, the Society of Motor Manufacturers said in a statement Thursday.