BMW says preparing for no-deal Brexit given political uncertainty

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FILE PHOTO: The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau/File Photo

LONDON (Reuters) – Carmaker BMW (BMWG.DE) said it was continuing to prepare for a no-deal Brexit, given uncertainty around Prime Minister Theresa May’s deal after several of her ministers resigned in protest.

BMW welcomed this week’s draft withdrawal agreement as a “positive step in the right direction” but said the political situation was uncertain.

“Uncertainty is not good for business. As a responsible employer, we must therefore continue to prepare for the worst-case scenario, which is what a no-deal Brexit would represent,” it added in a statement.

“We continue to call on all sides to work towards a final agreement which maintains the truly frictionless trade on which our international production network is based.”

Reporting by Costas Pitas, writing by Alistair Smout, editing by Kate Holton