Ticker
Hard Brexit would cost German car industry €3.8bn
By EUobserver
The German car industry could stand to lose €3.8 billion in sales and up to 14,000 jobs in the case of a hard Brexit, according to a Deloitte report, seen by Spiegel. WTO tariffs of around 10 percent for cars and about 4.5 percent for vehicle parts would apply, making European cars 21 percent more expensive in the UK. In total German exports to the UK would drop 23 percent.