LONDON — Brexit is undeniably one of the biggest events in recent British history.
Over the course of the next few years the UK’s entire relationship with the rest of Europe is likely to be totally reshaped.
Nowhere is that more true than in British industry, where firms are almost certain to have to adjust to life outside the European Single Market and to an entirely new trading relationship with what is for most industries, their biggest trading partner.
On Monday, the Office for National Statistics dropped a whole heap of data about the British industries that are likely to be most impacted by Brexit, as well as where those industries are clustered. This helps to create a reasonable picture of the parts of the UK where Brexit could have the largest impression.
For example, one of the industries likely to suffer most at the hands of Brexit is the UK’s motor industry.
“The auto sector is particularly reliant on trade with the EU for both export sales and imports of key components in the production process,” the ONS notes.
“The EU accounted for 42% of UK car exports and 88% of imports in 2016. If the UK and EU were to trade under WTO rules, cars would face a 10% tariff.”
That could spell bad news for areas like the West Midlands, where Britain’s car industry is heavily concentrated.
Financial services are another area where the Brexit negotiations could cause trouble, causing problems for London, where the sector is heavily concentrated.
“Trade with EU countries is equally crucial for UK finance companies. The UK is a net exporter of financial services, and the EU is a significant consumer,” the ONS’ release says.
“Around £24 billion of financial services exports, 45% of the total, went to the EU in 2015.”
Check out the data in interactive form below:
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