Aston Martin has demanded the new UK government prioritises clarity over post-Brexit trade with Europe, in the light of yet more uncertainty over the direction of the EU Referendum result following the inconclusive UK election.
Such lack of clarity is making it harder for British companies to secure necessary long-term financing as investors delay making decisions.
CEO Dr Andy Palmer has said Aston Martin respects the results of the General Election and looks forward to working with the new government as and when it takes shape. However, “we cannot stress strongly enough the need for rapid and decisive policy direction to ensure that business can continue to invest for the long-term growth and ensure the global competitiveness of the British economy,” said Dr Palmer.
“Clarity over our relationship with Europe must be established quickly, together with the wider reassurance to our key trading partners that Britain remains a dynamic and thriving business environment.”
Aston Martin recently announced a return to profit following the successful launch of the new DB11 sports car. Further variations are expected and the company is also launching a new V8 Vantage sports car to sit below the DB11 next year – plus working on its first-ever SUV, the DBX, which will be built in an all-new factory in St. Athan, Wales.
It is also rumoured the British premium car brand may capitalise on this momentum with a stock market flotation, mooted for 2018, following the considerable success of supercar rival Ferrari’s IPO. However, this would depend on clarity over UK trade post-Brexit. With talks due to commence with the EU soon, the risk is that the UK election result makes it harder to reach a favourable agreement.
In early trading following the UK election result, the value of the pound fell sharply as markets and investors were spooked by the uncertainty.
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