‘Urgently need greater certainty’
Britain’s biggest carmaker Jaguar Land Rover has warned that a “hard Brexit” would hit its profits and could threaten £80bn worth of investment plans for the UK.
“We urgently need greater certainty to continue to invest heavily in the UK and safeguard our suppliers, customers and 40,000 British-based employees,” JLR’s Chief Executive Ralf Speth said yesterday.
JLR, owned by India’s Tata Motors, joins a growing list of companies which have raised concerns about potential disruption to business if Britain crashes out of the bloc next March without a trading agreement with the EU.
“The recent statement from JLR only reaffirms this position that a Brexit which increases bureaucracy, reduces productivity and competitiveness of the UK Industry is in no-one’s interest,” JLR’s Indian parent firm Tata Motors Ltd added in a statement.