Jaguar Land Rover joins firms warning on hard Brexit
Jaguar Land Rover is the latest big company to express concern that a “hard Brexit” would be damaging to its business, costing it £1.2 billion a year and threatening its future operations in the UK.
In a statement the company’s chief executive Ralf Speth said: “We urgently need greater certainty to continue to invest heavily in the UK and safeguard our suppliers, customers and 40,000 British-based employees.”
In the event of a hard Brexit, he said: “We would have to drastically adjust our spending profile; we have spent around £50 billion in the UK in the past five years – with plans for a further £80 billion in the next five.”
His comments come ahead of a meeting this Friday between Prime Minister Theresa May and her cabinet ministers to decide on strategy for Britain to negotiate its way exit from the European Union.
They also follow similar warnings from BMW, Siemens and Airbus.