Jaguar Land Rover warns that “bad” Brexit will hit UK investment plans

Calling on the government to urgently provide certainty for business, the firm’s chief executive Dr Ralf Speth has warned that failure to maintain tariff-free access and frictionless trade with Europe would affect the company’s future in the UK.

“If the UK automotive industry is to remain globally competitive and protect 300,000 jobs in Jaguar Land Rover and our supply chain, we must retain tariff and customs-free access to trade and talent with no change to current EU regulations,” he said.

He added that a “bad” Brexit deal would cost the company more than £1.2bn of profit each year, and significantly impact it’s UK investment plans. “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,” he said.

The company, which is owned by India’s Tata Motors, employs 40,000 people in the UK, and supports a further 260,000 jobs in the UK supply chain.