Aston Martin has cautiously welcomed a new agreement reached by the cabinet and announced over the weekend, although there are fresh fears of a no deal Brexit as Theresa May faces a challenge from the same cabinet that announced the agreement. 

A cabinet away day at the prime minister’s country retreat, Chequers, was intended to provide the stability that carmakers and others had been asking for, but Brexit secretary David Davis turned all that upside down on Sunday by handing in his resignation. 

The Chequers agreement set out the UK government’s position on a final, softer Brexit deal ahead of the last leg of negotiations with the EU before each side set about ratifying the deal in time for the March 2019 deadline. 

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In a statement, Aston Martin said that it was pleased that the government had managed to find a collective position from which to negotiation with European Union officials: ‘As an industry that makes long-term investment and employment decisions, the automotive sector needs clarity and certainty across the planning landscape. Over the past few months this clarity has been lacking, but we are greatly encouraged to see the prime minister and her cabinet come to a consensus on the UK’s future trading relationship with the EU.’

The Aston Martin statement goes on to warn the government against any future introduction of trading tariffs that would harm imports and exports with the European Union: ‘We believe that any new trading arrangement that would introduce tariffs, regulatory divergence or other barriers for business would be a poor outcome for both the UK and the EU. We fully support the government’s proposed approach to a new combined customs territory, that will provide us with continued uninhibited access to our European supply chain, while also allowing the UK to form new trade deals with some of the fastest growing economies around the world. 

‘The challenge now falls to the UK and EU negotiating teams to ensure that the opportunities outlined by the Prime Minister are implemented, for the economic benefit of both the UK and EU.’