Brexit could damage UK aerospace says report

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The body of cross-party politicians said given the concerns, U.K. negotiators should secure a “near frictionless” trade deal for the sector to avoid disruptive border delays.

The report further explained that the U.K. aerospace industry is trade-oriented with annual exports approximately totaling $15 billion each year and imports worth around $14 billion.

Regulatory alignment with the EU is also sought by the lawmakers, who called on the United Kingdom to remain a member of the European Aviation Safety Agency (EASA). EASA dictates safety rules and certifies parts across Europe, helping to lower costs of certification and increase integration within the industry.

“Close global regulatory alignment in aerospace has resulted in benefits in terms of safety, the ease of global trade and efficiency, while it is unclear that there are any benefits from divergence at this time,” the report said.

In a speech earlier this month, U.K. Prime Minister Theresa May said her government would explore the terms on which Britain could remain part of EASA.

The EU said Monday that it has agreed on the broad terms of the two-year transition period after the U.K. exits Europe on March 29, 2019.



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