Monday, 23 July, 2018

Warning as Jaguar Land Rover calls for ‘greater certainty’ over Brexit

2021 Range Rover To Be A Lot Lighter Thanks To All New Platform Jaguar Land Rover boss: Brexit threatens £80bn UK investment
Priscilla Morrison | 09 July, 2018, 07:01

"A bad Brexit deal would cost Jaguar Land Rover more than 1.2 billion pounds in profit each year".

With its centre in Gaydon - one of its principle engineering sites and the headquarters for Land Rover - JLR is a major employer of people living in Mr Weston's constituency.

He added, "A bad Brexit deal would cost Jaguar Land Rover more than GBP 1.2 billion ( ₹ 10,911 crore) profit each year". This would be in jeopardy should the company be faced with the wrong outcome.

"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 said in a statement here on Thursday.

Kenilworth and Southam MP Jeremy Wright, whose constituency covers Gaydon, said he took JLR's concerns seriously.

Two years after the deciding vote big industrial manufacturers are still not sure if they'll have unrestricted access to the European Union market, or what it could cost them.

A Brexit arrangement that doesn't ensure full, tariff-free access to the European Union's single market will be highly costly to the United Kingdom's largest vehicle maker, he said.

More news: Gal Gadot Visited a Children's Hospital Dressed Up as Wonder Woman

'For more than 250 years, since the era of Adam Smith, Britain has championed free markets and made the case for free trade.

Two years ago the firm, owned by India's Tata Motors, insisted that its new Slovakia plant would "complement" its United Kingdom operations, with the Discovery built in both locations.

"We can not afford to lose Jaguar Land Rover and its supply chain - it would be an economic auto crash".

"You're just describing them on a day-to-day small business level exactly the same facts that the chief executive of Jaguar Land Rover is explaining on a 5 year £80bn level". We want to stay in the UK.

It also comes less than a month after Jaguar Land Rover, based in the West Midlands, central England, promised to retool its Solihull plant near Birmingham for a new generation of electric cars.

Meanwhile, the British Retail Consortium (BRC) has warned in a letter to Prime Minister Theresa May and European Union chief negotiator Michel Barnier that failure to reach an agreement to ensure frictionless trade will result in customs delays for perishable goods.

Rebecca Long Bailey, the opposition Labour party's spokeswoman for business, said: "This stark warning from one of the jewels in the crown of British automotive manufacturing should be a klaxon call to Theresa May and her cabinet".

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