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2. NEWS
3. Fleet industry news
4. Fleet and leasing industry reacts to Brexit deal
Fleet and leasing industry reacts to Brexit deal
29/12/2020 in Fleet industry news
Brexit
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EU flag missing one star
An eleventh-hour post-Brexit trade deal struck between the UK and the
EU has been welcomed by the fleet and leasing industry.
It had faced a significant rise in costs, with tariffs imposed on cars
and vans, if no deal had been agreed when the UK exits EU trading rules
on Thursday (December 31).
However, while business will now have to adapt to the new trading rules
and work through the detail of the deal, the expected hike in vehicle
prices of several thousand pounds has been avoided.
Gerry Keaney, chief executive of the British Vehicle Rental and Leasing
Association (BVRLA), said that the Brexit trade deal comes as a “big
relief” for the industry and provides a “welcome boost” for the UK
automotive sector, which can now plan with more “confidence and
certainty”.
“Avoiding tariffs on vehicles and parts is essential,” he added, “but
with the end of the transition period only days away, there is a lot to
be done to prepare for January and beyond as details around the new
trading terms become clear.”
Mike Hawes, chief executive of UK automotive business group, the
Society of Motor Manufacturers and Traders (SMMT), also welcomed the
agreement.
However he said: "We await the details to ensure this deal works for
all automotive goods and technologies, including specifics on rules of
origin and future regulatory co-operation.
"A phase-in period is critical to help businesses on both sides adapt
and efforts should now be sustained to ensure seamless implementation,
with tariff-free trade fully accessible and effective for all from day
one."
Hawes said that the SMMT will continue to work closely with Government
to ensure all companies are "as prepared as possible in the limited
time left.”
Fleet News reported in November, how BMW has announced a customs duty
related increase of more than £3,000 on the recommended retail pricing
(RRP) of the BMW i3, irrespective of whether there is a free trade deal
or not.
BMW had announced at the beginning of October that BMW i3 models, along
with the majority of other BMW models, would be subject to an “economic
increase” in the recommended retail price rise from January 1, 2021.
Due to changes in the ‘Product Specific Rules of Origin’ legislation,
it says that the maximum permitted content of non-EU and non-UK
materials means these models will be subject to additional tariffs
after the end of the Brexit transition period.
This will be the case, it said, “whether or not there is a free trade
agreement with the EU”, which means a further increase in the RRP of
BMW i3 models is needed.
Stephen Haddrill, director general of the Fleet and Leasing Association
(FLA), said: “As always in trade talks, the devil is in the detail but
we appear to have a deal that will enable UK goods to be sold without
tariffs or quotas in the EU market – that bodes well for business
confidence, leading to renewed investment and lending as we enter 2021
and begin the long economic recovery from the Covid impact.”
Businesses urged to prepare
Logistics UK (formerly the Freight Transport Association), while
welcoming the deal, warned that there was still a lot of work to be
done to protect the nation’s supply chains, and the economy as a whole.
Elizabeth de Jong, policy director at Logistics UK, said: “A deal is
great news for the UK economy, since it removes the risk of tariffs
being placed on almost every item imported from the EU, which would
have raised prices and slowed the rate of economic growth.
“We are still absorbing all the details, but it looks as though HGVs
will continue to have access to the EU market, and aircraft will still
be permitted to fly to and from the EU, which safeguards the UK’s
highly interconnected supply chains and protects the jobs of those
charged with keeping the country stocked with the goods it needs.”
Meanwhile, Logistics UK is urging traders to continue to get ready for
new trading conditions as they were before. “The new trading
relationship will still require many of the same preparations, not
least the introduction of customs declarations and additional checks on
food and livestock,” added De Jong. “Logistics UK is advising traders
not leave paperwork to the last minute, or ignore it, as this will
cause delays to journeys.”
__________________________________________________________________
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* Finance & Leasing Association
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* Logistics UK
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Comments
* Colin Ralph - 31/12/2020 14:10
Should all German vehicle manufacturers impose hefty tariffs on UK
bound vehicles and spares then maybe we have taken the wrong stance
here? I estimate nearly a million German cars alone are purchased
here in the UK and this represents up to 35% of market share here,
so maybe as a significant consumer we should demonstrate some basic
business practices and solidarity by placing our business
elsewhere, considering the high quality build and technology
provided by many alternative manufacturers. I suggest that these
carmakers would find it difficult to replace the potential loss of
our trade to other markets and could put the boot on the correct
business footing. Please, less Theresa May style negotiations and
more common sense and backbone.
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