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An industry survey conducted by  Britain’s Society of Motor Manufacturers and Traders (SMMT)  showed late on Tuesday, three-quarters of businesses in Britain’s automotive sector believe a no deal Brexit would hurt them.

Key Findings (courtesy Reuters):

 The SMMT, which opposed Brexit, said 74 percent of its members thought a no-deal Brexit would hurt their business versus 9 percent who saw benefits.

More than one in 10 firms had moved jobs abroad and a similar proportion had cut British staff as part of preparations for Brexit.

Tony Walker, SMMT president and Toyota’s Managing Director for Europe, noted: “Crashing out of the EU would have immediate and devastating impacts, with border chaos  disrupting the ‘just in time’ basis on which our business depends.”