Brexit latest news: Jaguar Land Rover says a BAD Brexit deal puts 40,0000 jobs at risk | Politics | News – UK

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The car giant, which is Britain’s biggest car maker, has told the Government that its “heart and soul” are in the UK, but a bad brexit deal might force the company to re-locate its investments.

Dr Ralf Speth, chief executive of JLR said: “We, and our partners in the supply chain, face an unpredictable future if the Brexit negotiations do not maintain free and frictionless trade with the EU and unrestricted access to the single market.

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

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Mr Speth added: “A bad Brexit deal would cost Jaguar Land Rover more than £1.2billion profit each year.

“As a result, we would have to drastically adjust our spending profile.

“We have spent around £50billion in the UK in the past five years, with plans for a further £80billion more in the next five.

“This would be in jeopardy should we be faced with the wrong outcome.

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

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“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.”

More than 40,000 workers are employed by Jaguar Land Rover in the UK, and 260,000 jobs in the UK supply chain.

In 2017 the car giant sold 621,000 cars, with 80 percent of them going to 130 countries.

JLR’s warning comes after BMW and Airbus released similar statements regarding their future in the UK after Brexit.

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At the crunch Brexit summit taking place at Chequers on Friday, the Government will announce a new plan for post-Brexit customs arrangements, which has been branded as a “significant step forward” by a Downing Street source.

The plan will offer “the best of both worlds” – an independent trade policy and friction-free trade, the source added.

Friday’s Chequers summit will be followed by a White Paper setting out more details and it is aimed at finalising Britain’s path.

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