RMI urges Brexit breakthrough

The RMI held its annual dinner at the Landmark Hotel in London last night, when chairman Peter Johnson urged the government to act quickly in Brexit negotiations to restore business and consumer confidence.

He said, ‘It is vital that the government encourages both economic and consumer confidence and enables investment, in order for the retail motor industry to progress and thrive in a stable environment. The UK’s automotive sector is a global leader and the future state and success of the industry could be jeopardised if a trade deal is not secured to allow tariff free access to the European single market – following our vote to leave the EU.

‘It is now essential that the government makes a commitment to outline a clear negotiating position in order to ensure our industry has what it needs to secure its future success.’

Guest speaker on the night was BBC political journalist Andrew Neil, who said the greatest threat to continued economic recovery was stagnant wages, pointing out that average wages had fallen £15 a week in 10 years.

He also said that the recovery needed to last not just for one or five years, but at least 10, arguing that much of the western world had no weapons left to fight another crash.