The deputy managing director of Toyota has warned against the effects that a no-deal Brexit would have on the car manufacturer.
Tony Walker told MPs on Tuesday that a disorderly Brexit would be “disastrous” to UK operations and would cost up to £10 million a day.
Speaking to a parliamentary select committee, Toyota’s deputy managing director said that Theresa May’s deal has provided more clarity for businesses and is “much better than the confusion we have had. I don’t think I am alone in business in saying that”.
“To say because it is not perfect we should go back to square one is not understandable to us as business people.”
If the UK is to crash out of the EU, it would create havoc to its supply chain.
“We do not just have the 50 trucks, we have to have them in sequence, it is no good if we have 49 trucks and truck 17 is missing. [Production] will then stop. So without the withdrawal agreement and withdrawing with a no deal, we would have stop-start production for weeks, possibly months. It would be very, very difficult for us to cope with,” he said.
“The value of the cars we make is £10 million a day. If we lose that sort of value it’s very, very challenging for us.”
Adding to MPs on the future of Brexit, Walker said: “We strongly ask that the transition period doesn’t become the negotiation period and we would strongly ask that we don’t end up three, four months to go, a bit like this time, with another cliff edge with a very short time to implement.”
Airbus has also supported the prime minister’s deal, with the group’s senior UK vice president calling it a “step forward”.
MPs will vote on May’s deal on 11 December.
Shares in Toyota (TYO: 7203) are trading -1.72% (1527GMT).
