A Hard Brexit Could Sting the U.K.’s Auto, Tech and Health Sectors
- Manufacturers may lose $22.8 billion of annual export revenue
- Automotive sector likely to be hardest hit by tariffs
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A hard Brexit could be a lot more painful for the U.K. than for the European Union.
Britain’s automotive, technology, health-care and consumer goods sectors may lose 17 billion pounds ($22.8 billion) a year in export revenues when the U.K. leaves the single market and customs union, according to a report released Monday by Chicago-based law firm Baker & McKenzie LLP and consultancy Oxford Economics Ltd. The sectors account for 42 percent of the U.K.’s manufacturing GDP.