Brexit tariffs would cost car industry 4.5 billion pounds a year - SMMT

Brexit-related tariffs would add at least 4.5 billion pounds ($5.6 billion) a year to the cost of car imports and exports between Britain and the European Union, an industry body said, urging Britain to remain in the single market after it leaves the EU. Britain exported just under 80 percent of the 1.6 million cars it built last year and imported over 85 percent of the 2.6 million cars sold in the country. Without single market access, cars could face World Trade Organisation tariffs of 10 perc