So why are those who are calling for us to leave the single market wrong? The car industry is a gleaming example of why access needs to be retained. Following the sharp decline that Britain’s manufacturing sector suffered in the 1970s and 1980s, the car industry was facing possible extinction. The Mrs. Thatcher’s Conservative government, seeing that there was a lack of capital available domestically to revive the industry, looked abroad and lured foreign companies here with promises of reductions in corporation tax and lenient labour laws. This strategy worked and Nissan, Honda, Toyota, Tata, BMW, General Motors and Ford have all made major investments in the UK over the last three decades. As a result, we now make 1.6million cars and commercial vehicles in the UK each year, 70% of which are exported. Half of these exports go to the EU. The multi-national car manufacturers see the UK as being their entry point to the single market and, if they can no longer gain access from the UK, they will consider moving production to the EU.
Article source: http://www.huffingtonpost.co.uk/nicola-horlick/brexit-uk-economy_b_12113708.html?utm_hp_ref=uk-politics&ir=UK+Politics