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Jaguar Land Rover boss warns “hard” Brexit could cost car maker more than a billion pounds a year

In a statement on the website of Britain’s biggest carmaker published yesterday, JLR’s chief executive Ralf Speth said: “A bad Brexit deal would cost Jaguar Land Rover more than £1.2bn in profit each year"

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Speth concluded; “We urgently need greater certainty to continue to invest heavily in the UK and safeguard our suppliers, customers and 40,000 British-based employees”

Jaguar Land Rover (JLR) has warned that a so-called “hard” Brexit could cost it more than a billion pounds a year and would mean it could not maintain its operations in the UK.

In a statement on the website of Britain’s biggest carmaker published yesterday, JLR’s chief executive Ralf Speth said: “A bad Brexit deal would cost Jaguar Land Rover more than £1.2bn in profit each year.

READ: LSE looking to go Dutch so it can continue to serve European customers in event of a ‘hard’ Brexit

 “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.”

Speth concluded; “We urgently need greater certainty to continue to invest heavily in the UK and safeguard our suppliers, customers and 40,000 British-based employees.”

The statement from the boss of JLR -  which is a subsidiary of Indian automotive company Tata Motors - came ahead of a key cabinet meeting for Prime Minister Theresa May this Friday as the UK tries to negotiate its way out of the European Union.

Recent weeks have seen criticism of the government by some of the biggest companies operating in Britain including French airplane maker Airbus and German firm Siemens.

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