Britain’s JLR says ‘bad Brexit’ would mean it could not…

Lloyd Doyle
July 9, 2018

THE JAGUAR Land Rover CEO has warned the British auto maker will lose more £1bn per year in the event of a bad Brexit deal being reached.

A day before Prime Minister Theresa May convenes her warring cabinet to thrash out a common approach, aides said she had drawn up a compromise customs plan to ease trade with the European Union after Brexit takes effect in March 2019. "Additionally, Jaguar Land Rover needs free and full access to the single market beyond transition to remain competitive which we also firmly believe is in the best long term interests of the United Kingdom", said P Balaji, chief financial officer, Tata Motors Ltd in a press statement.

"I think the reason why you've touched so many people, or opened so many lives, is that its a little bit hard to swallow when it's some mysterious executive on a squillion pounds a year, who runs Jaguar Land Rover and talks about £80bn budgets", James said. This would be in jeopardy should the company be faced with the wrong outcome.

SMMT - The Society of Motor Manufacturers and Traders (SMMT) said Brexit uncertainties have already caused a significant drop in sector investment to £347 million in the first half of the year, down from £647 million in the same period in 2017.

Ahead of today's publication of a "white paper" outlining the UK's post-Brexit trading plans, Dr Ralf Speth urged the government to "provide certainty for business including guaranteed tariff-free access and frictionless trade with the European Union".

Germany Industry UK, which represents 100 companies, including BMW, Mercedes-Benz, Lufthansa, the train and bus operator Arriva and the steel producer ThyssenKrupp, said it needed "certainty and clarity about the way forward sooner rather than later". It is also Britain's biggest exporter.

Airbus and Siemens last week went public with their fears about what leaving the EU customs union and single market would mean for their businesses.

Asked about JLR's worries, British business minister Greg Clark said the government was seeking a solution which worked for business.

Britain's biggest auto manufacturer is warning that a bad Brexit would blow a hole in the company's profit and put a huge amount of its spending in the country at risk.

Enders stressed that Brexit in any form is damaging to business and to the UK.

Other reports by Iphone Fresh

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