Mark Wilson, the Chief Financial Officer of Aston Martin, has told MPs that a no deal Brexit would be “semi catastrophic” and would mean his company would have to temporarily stop production.

He told a hearing of the BEIS Committee that unless a deal is reached to ensure EU type-approval rules still apply in the UK after Brexit, Aston Martin would have to stop production until a new system was put in place.

Meanwhile the Chief Executive of the Society for Motor Manufacturers and Traders, Mike Hawes, warned that cars in the UK could cost £1,500 more after Brexit due to the imposition of 10% tariffs.

Liberal Democrat Brexit Spokesperson Tom Brake said:

“An extreme Brexit risks bringing parts of our thriving car industry to a standstill.

“People’s jobs are on the line, but still the hard Brexiteers are peddling the fantasy that we could crash out of Europe with no deal.

“Every day of government complacency brings us closer to a catastrophic Brexit that would destroy jobs, push up prices and damage living standards.

“The government must stop being so complacent and protect British businesses by ruling out no deal.”