Uncertainty continues to linger around the potential impact of Brexit. After the Government’s admission that the long awaited parliamentary reports detailing how Brexit would affect key economic sectors didn’t actually exist, new reports looking at the Brexit impact have since showed various scenarios. These range from a free trade agreement to a single-market access or even the possibility of leaving the EU without a trade deal altogether. But in an overall analysis, most eventualities showed dark predictions for Britain’s growth to plunge over the next 15 years.
The automotive sector in particular stands as an industrial and economic force across the world so given the importance of the industry, maybe we are right to be worried? Not necessarily if the Detroit effect can be brought into play.
Commenting on this, Ashley Wickham, Global Head of Automotive at Specialist Automotive Recruiter, Fircroft said,
“The automotive sector has a major impact on the UK today and with our own research suggesting that over 800,000 people in the UK are either directly or indirectly employed within the industry, it is vital to the economic well-being of the country. Whilst the volatility in recent months has caused alarm, with diesel engines being blamed for new car registrations sinking to their lowest levels since 2015, with a 5.7% decrease in sales last year. But possibly, we need not panic. If you want a true example of how the automotive sector can bounce back from even the worst downturn then look at the city of Detroit in the USA.”