Jaguar Land Rover has issued a stark Brexit warning, stating that a hard Brexit would cost it £1.2 billion a year and make it unprofitable to remain in the UK.
Ralf Speth, JLR Chief Executive, said “If I’m forced to go out because we don’t have the right deal, then we have to close plants here in the UK and it will be very, very sad.”
Commenting, Alison McGovern MP, leading supporter of the People’s Vote campaign, said:
“Ahead of Friday's behind-closed-doors Brexit summit at Chequers, the news that Jaguar Land Rover says a hard Brexit outside the Single Market and the Customs Union would make it impossible for them to remain profitable in the UK should send shockwaves through the political establishment.
“For people in manufacturing towns and cities, this is not a joke or an idle threat. We are talking about the loss of hundreds of thousands of jobs with a devastating impact for our economy. The people who work in automotive industries, many of whom I represent, are asking exactly where the positives are for them in Brexit.
“It is increasingly clear to everyone, from iconic British businesses like Jaguar Land Rover, to trade unions, to a growing majority of voters, that whatever flavour of fudge emerges from Chequers this Friday, the Government is botching Brexit and we're heading towards a bad deal. That's why we need a People's Vote on the terms of Brexit, because it's a big deal but not yet a done deal.”
Notes to editors
More on JLR’s announcement can be read here: https://www.ft.com/content/d077afaa-7f8a-11e8-bc55-50daf11b720d