Paul Drechsler, the President of the CBI, warned today that UK car firms could face extinction if the UK leaves the EU Customs Union, and also said there was "zero evidence" that trade deals outside the EU would provide any economic benefit to Britain.
Commenting, Peter Kyle MP, leading supporter of Open Britain, said:
"Brexit poses an existential threat to the UK's vibrant automotive industry. That's the warning from the President of the CBI today, speaking on behalf of tens of thousands of businesses.
"Despite the promises made by Leave campaigners about securing the 'exact same benefits' as we have now in terms of trade, it's increasingly clear that's not possible outside the Single Market and the Customs Union. And no amount of fantasy new trade deals will make up for the trade lost by putting up barriers with the EU.
"If the Government and the Labour Party want to stand up for working people and businesses across the country, it should be working to secure their jobs and livelihoods by supporting full membership of both the Single Market and the Customs Union."
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