Thursday, 5 July 2018

Jaguar Land Rover's £80bn UK investment plan at risk after hard Brexit.

Jaguar Land Rover factory in Solihull. The firm is
 Britain’s largest vehicle manufacturer.
Photograph: Bloomberg/Getty Images
Britain’s biggest vehicle manufacturer, Jaguar Land Rover, has warned it may have to rethink billions of pounds of UK investment, while its 40,000 British employees would face an uncertain future, if the UK leaves the EU single market.

The company said it needed greater certainty to continue to invest heavily in the UK, in a statement released two days before Theresa May is due to meet ministers at Chequers to discuss the post-Brexit deal they will seek with Brussels.

“A bad Brexit deal would cost Jaguar Land Rover more than £1.2bn profit each year,” said the firm’s chief executive, Ralf Speth. “As a result, we would have to drastically adjust our spending profile – we have spent around £50bn in the UK in the past five years, with plans for a further £80bn more in the next five. This would be in jeopardy should we be faced with the wrong outcome.”





By Kevin Rawlinson.

Full story at Yahoo News.

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