BMW Warns It Could Reduce UK Output Over Hard Brexit

BMW would reduce output at its plant in Oxford by eliminating a work shift should the UK opt for a hard Brexit, according to its chief financial officer, The Irish Times reported. The German carmaker already plans to completely halt production on the October 31st deadline when Britain is expected to leave the European Union, as well as on November 1st, CFO Nicolas Peter said at the Frankfurt motor show. “We’d have to increase prices, and we have to curtail production to react to such a development,” Mr Peter said on BMW’s contingency plans should the UK drop out of the EU without an agreement. “The plans are in the drawer.” Carmakers have for over a year warned a no-deal Brexit would mean shifting production out of the UK. Read more