Aston Martin Says British Car Trade Will Benefit from ‘No Deal’ Brexit

The boss of Aston Martin has said the UK’s car trade would benefit from a clean, so-called “no-deal” Brexit.

Andy Palmer, CEO of the iconic supercar brand, said he was not “losing sleep” over the prospect of walking away from the Brussels bloc without a trade deal.

He argued that tariff checks would not be a significant problem and there would be benefits, such as a cheaper pound and regulation changes, that would benefit exporters.

Mr Palmer told BBC Radio 4’s Today programme Wednesday: “If a tariff barrier went in place it would even itself out, and we would probably benefit from a weaker pound.”

“The benefit of investing in Aston Martin is insulation from these macro-changes,” he added.

“We import and export cars everywhere – we know how to export and get across borders.”

Aston Martin CEO @AndyatAston live on @BBCr4today now pic.twitter.com/i2COFxta7v

— Aston Martin PR (@AstonMartinPR) August 29, 2018

Some of Aston Martin’s engines are made in Germany, and Mr Palmer said they had increased their stock of engines to last a few more days in case of slight delays at the border after Brexit.

The Brexit claim comes as the British brand, currently owned by Italian and Kuwaiti shareholders, announced it will be floated on the stock exchange seeking a valuation of around £5 billion.

Last week, the Government released a series of technical notes urging businesses to prepare for the UK leaving the EU without a deal in March.

Dominic Raab, the Brexit Secretary, said the Government “stands ready” to deliver a “no deal” Brexit and avoid the chaos some anti-Brexit politicians have predicted.

“By managing and mitigating the risks, by rising to the challenges and by seizing the opportunities that lie ahead,” he said.

Remainer MPs would “try to scupper our departure by delaying it beyond the General Election, or offer some other enormous raft of concessions to give back control of the EU,” he said.

Adding: “This is why we are seeing Project Fear Mark three, four or five — I have lost count — trying to terrorise the public into ­believing they will be denied food, medicines, and even their pensions.”