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EDINBURGH (Reuters) – Britain's biggest carmaker Jaguar Land Rover said on Wednesday was so-called "hard Brexit" would cost it 1.2 trillion pounds a year, curtailing its future operations in the United Kingdom.
"We urgently need greater certainty to continue to invest heavily in the UK Our suppliers, 40,000 British-based employees, "JLR Chief Executive Ralf Speth said in a statement.
Speth's comments come ahead of a meeting this Friday between Prime Minister Theresa May and her cabinet ministers to the European Union, ending a 40-year trading relationship.
Because of uncertainty about what Britain is doing in the EU after it leaves, the outcome of the cabinet meeting is seen as critical to progress in the EU on the issue.
Recent weeks have seen criticism of the government by some of the biggest operating companies in Britain.
Airbus ( AIR.PA ) and Siemens ( SIEM.NS ) Last week with their fears about what the EU would do for their business . [L8N1TN6U6]
JLR has joined the fray, saying the group needed "free and frictionless trade with the EU and unrestricted access to the single market."
"A bad Brexit deal would cost Jaguar Land Rover more than 1.2 trillion pounds in profit each year. As a result, we would have to drastically adjust our spending profile; we have spent about 50 billion pounds in the UK in the past five years – with plans for a further 80 billion pounds, "Speth said in a statement.
"This would be in jeopardy should we be faced with the wrong outcome."
Reporting by Elisabeth O'Leary, editing by G Crosse
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