Italian Prime Minister calls for clarity on post-Brexit future

July 28, 2016

Italian Prime Minister Matteo Renzi has urged European governments to work together to provide a clear post-Brexit roadmap amid increasingly divided opinions on what the future holds. Renzi, who was meeting UK Prime Minister Theresa May for talks, said it was important for countries to work together to provide clarity on the future shape of Europe, including the UK’s date for formally leaving. The financial shock of Brexit has destabilised Italy’s banking sector and the uncertainty it has caused risks undermining the country's economic recovery that has been instrumental in the recent revival of the country’s new and used car sales. The uncertainty has also dampened confidence in the wider automotive industry. Despite many manufacturers revealing strong H1 2016 results this month, several have expressed caution about H2 because of the unclear economic picture, spurred on by surveys that indicate business confidence has dropped sharply. But this is far from a unanimous view. For example, Daimler chief executive officer Dieter Zetsche says he is not expecting Brexit to harm vehicle sales, while in contrast General Motors has hinted there might be declines worth millions of Euros. Initial economic indicators also differ. While UK retail sales fell at the fastest pace in over four years in July, one-third of motor traders report that sales volumes have risen. And despite talk of interest rate cuts to kick-start the economy, companies have recently announced thousands of new jobs and major investment projects for the UK.

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March 31, 2017

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