Aston Martin sets up £30m contingency fund for no-deal Brexit
Company chief says Britain’s divorce from the EU is becoming an ‘annoyance’

Aston Martin will set aside a £30m contingency fund to ensure that its operations are not affected by a problematic or no-deal Brexit.
The British luxury carmaker has made “no secret” of the fact that it is “less exposed to the possibility of extra tariffs and supply disruption” brought on by a no-deal Brexit than other companies, such as Ford and Nissan, says Sky News.
But in an interview with Reuters, Andy Palmer, Aston Martin’s chief executive, said that the continuing uncertainty over Brexit was becoming an “annoyance”.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
“You’re holding that contingency stock for longer, which means that your working capital is tied up for longer,” Palmer said. “More importantly, what you’re doing is you’re creating continued uncertainty.”
Around £2m of the fund will be put towards revising supply chain routes, The Guardian says. This includes the hiring of a new head of supply chains, as well as plans to “fly in components or bring them in through naval ports”.
Britain will leave the European Union on 29 March, with MPs due to vote on a deal proposed by Theresa May on 12 March.
The news comes after Aston Martin posted pre-tax losses of £68m for 2018 this morning, which are “largely” the result of the £136m in costs it racked up after its stock market flotation last October, the Financial Times reports.
Shares in the luxury carmaker have also “fallen by more than a third” since its flotation, the FT notes. Values dropped 18% this morning to £11.30p, even though the company posted a 25% increase in revenue thanks to rising car sales.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
How generative AI is changing the way we write and speak
In The Spotlight ChatGPT and other large language model tools are quietly influencing which words we use
-
How long can Nato keep Donald Trump happy?
Today's Big Question Military alliance pulls out all the stops to woo US president on his peacemaker victory lap
-
Easy Money: the Charles Ponzi Story – an 'enlightening' podcast
The Week Recommends Apple Original podcast explores the 'fascinating' tale of the man who gave the investment scam its name
-
Is the G7 still relevant?
Talking Point Donald Trump's early departure cast a shadow over this week's meeting of the world's major democracies
-
Angela Rayner: Labour's next leader?
Today's Big Question A leaked memo has sparked speculation that the deputy PM is positioning herself as the left-of-centre alternative to Keir Starmer
-
Brexit 'reset' deal: how will it work?
In Depth Keir Stamer says the deal is a 'win-win', but he faces claims that he has 'surrendered' to Brussels on fishing rights
-
Are we entering the post-Brexit era?
Today's Big Question Keir Starmer's 'big bet' with his EU reset deal is that 'nobody really cares' about Brexit any more
-
Is Starmer's plan to send migrants overseas Rwanda 2.0?
Today's Big Question Failed asylum seekers could be removed to Balkan nations under new government plans
-
Can Starmer sell himself as the 'tough on immigration' PM?
Today's Big Question Former human rights lawyer 'now needs to own the change – not just mouth the slogans' to win over a sceptical public
-
Has Starmer put Britain back on the world stage?
Talking Point UK takes leading role in Europe on Ukraine and Starmer praised as credible 'bridge' with the US under Trump
-
Left on read: Labour's WhatsApp dilemma
Talking Point Andrew Gwynne has been sacked as health minister over messages posted in a Labour WhatsApp group