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Land Rover could lose over £1 billion in bad Brexit deal
Land Rover has urged the Government for a post-Brexit deal which will give tariff-free and full access to the single market. Jim Gerrard reports...
The manufacturer has warned it could lose over £1 billion worth of profit a year if the outcome was a ‘bad Brexit deal’ as the Government’s White Paper on post Brexit trading relations with the EU is released shortly.
Ralf Speth, Chief Executive of Jaguar Land Rover Automotive, said: “Jaguar Land Rover’s heart and soul is in the UK.
"However we, and our partners in the supply chain, face an unpredictable future if the Brexit negotiations do not maintain free and frictionless trade with the EU and unrestricted access to the single market.
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“A bad Brexit deal would cost Jaguar Land Rover more than £1.2bn profit each year. 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.
“We urgently need greater certainty to continue to invest heavily in the UK and safeguard our suppliers, customers and 40,000 British-based employees.”
Production of the Land Rover Series One began in the late 1940s and ever since then the Land Rover has been a familiar sight across UK farms and rural businesses.
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