Brexit: Airbus to reconsider investment in UK
Airbus has published a risk assessment outlining the urgent risks to its business arising from the UK exiting the European Union without a withdrawal agreement.
On the future trade relationship between the UK and EU, the Memorandum makes clear that while an orderly Brexit with a withdrawal agreement is preferable to a no-deal scenario, the current planned transition (which ends in December 2020) is too short for the EU and UK Governments to agree the outstanding issues, and too short for Airbus to implement the required changes with its extensive supply chain. In this scenario, Airbus would carefully monitor any new investments in the UK and refrain from extending the UK suppliers/partners base.
Tom Williams, Chief Operating Officer of Airbus Commercial Aircraft, commented:
“In any scenario, Brexit has severe negative consequences for the UK aerospace industry and Airbus in particular. Therefore, immediate mitigation measures would need to be accelerated. While Airbus understands that the political process must go on, as a responsible business we require immediate details on the pragmatic steps that should be taken to operate competitively. Without these, Airbus believes that the impacts on our UK operations could be significant. We have sought to highlight our concerns over the past 12 months, without success. Far from Project Fear, this is a dawning reality for Airbus. Put simply, a No Deal scenario directly threatens Airbus’ future in the UK.”
To read the Risk Assessment Memorandum in full, please click here: http://www.airbus.com/
