Brexit could cost Britain’s aerospace sector £1.5bn from increased customs checks, says a leading committee of MPs.
The Business, Energy and Industrial Strategy (Beis) Select Committee today publishes written evidence for its Brexit inquiry on the aerospace industry.
Representations have been filed by a raft of key players including aircraft makers Boeing and Airbus, as well as trade bodies and unions.
"The evidence we have received suggests the impact of Brexit and increased customs checks could mean a potential £1.5bn in added costs for the UK aerospace sector,” said committee chair Rachel Reeves.
That is extremely worrying and risks making our aerospace industry less competitive and driving up costs at a crucial time for our economy. The extra costs could have a negative impact on future investment decisions.
A public evidence session will be held at 10am on Tuesday on the impact on Brexit on the sector. Witnesses will include Royal Aeronautical Society president-elect Simon Henley and ADS boss Paul Everitt.
Reeves said: “Our committee is keen to hear from the industry what it wants from the government to ease their uncertainties and ensure the smoothest possible transition as we leave the EU.”
The Beis committee is looking at the impact of Brexit on the UK’s businesses on a sector-by-sector basis. It started by looking at the nuclear sector on 1 November and will continue with evidence from the processed food and drink and pharmaceuticals sectors next.