The UK transport industry has seen earnings on its investments in the EU rocket by more than 400% since the Brexit vote, the latest Office of National Statistics has revealed.
UK transport trade earnings from investments in the EU rose from £177 million in 2015 to £1billion three years later – up 476% compared with before the vote.
Firms involved in transportation had £3.6 billion invested in the EU in 2015, the year before the Brexit referendum, which soared to £13.3 billion in 2018 – a rise of 269%, according to analysis of the latest statistics by R&D tax relief specialist Catax.
Over the same period, EU inward investment positions almost doubled, going from £28.3billion in 2015 to £59billion in 2018.
Meanwhile, the UK motor industry saw earnings on its investments in the EU rocket by 421%since the Brexit vote, rising from £424million in 2015 to £2.2billion in 2018.
Mark Tighe, chief executive of R&D tax relief specialists Catax, said, “For the past few years we’ve heard horror stories about what would happen to the UK following the vote to leave the EU.
“Clearly, no one told the transport industry, which has seen inward investment from the EU almost double since then and outward investment positions almost quadruple.
“That decision has clearly paid off. These firms have seen their earnings shoot up by more than 400% in the period after the Brexit vote.
“This is more good news for British industry as the country starts to set its own course on the journey to become a new outward-looking nation outside the EU.”