Advertisement
UK markets closed
  • NIKKEI 225

    38,471.20
    -761.60 (-1.94%)
     
  • HANG SENG

    16,248.97
    -351.49 (-2.12%)
     
  • CRUDE OIL

    85.33
    -0.08 (-0.09%)
     
  • GOLD FUTURES

    2,406.80
    +23.80 (+1.00%)
     
  • DOW

    37,855.89
    +120.78 (+0.32%)
     
  • Bitcoin GBP

    49,958.58
    -1,656.99 (-3.21%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • NASDAQ Composite

    15,883.74
    -1.28 (-0.01%)
     
  • UK FTSE All Share

    4,260.41
    -78.49 (-1.81%)
     

Stay in reformed EU, British car industry body tells Cameron

LONDON, Nov 24 (Reuters) - British car industry body the SMMT warned on Tuesday that the country should remain in a reformed European Union and said it would make its sure its views are heard ahead of an in/out referendum on membership.

Prime Minister David Cameron, who has promised to renegotiate Britain's EU ties ahead of a vote by the end of 2017, favours staying in a reformed EU but has said he rules nothing out if he cannot get the changes he wants.

All major British car brands, including Jaguar Land Rover , Mini and Bentley, are foreign-owned with their parent companies enjoying the benefits of tariff-free trade within the 28-member bloc.

The Society of Motor Manufacturers and Traders commissioned a report last year before it was certain a referendum would take place which showed that 92 percent of members believed their business was better off in a reformed EU.

ADVERTISEMENT

"Reform is needed, particularly when it comes to better regulation that supports global competitiveness. But we must have a seat at the table to ensure this happens," SMMT President Gareth Jones will say in a speech according to pre-released quotes.

"Be assured, SMMT will make sure the view of the automotive industry is heard."

Jones will also advise the government, which is due to outline a spending review on Wednesday including where cuts will fall in a bid to close Britain's budget deficit, to maintain investment support for business. (Reporting By Costas Pitas; editing by Michael Holden)