Jaguar warns 'bad Brexit' could kill new investment

The news comes after major European manufacturers Airbus, BMW and Siemens also warned in recent weeks that Brexit could mean their pulling investment out of Britain, imperilling many thousands of jobs.

Jaguar warns 'bad Brexit' could kill new investment

World Bulletin / News Desk

Iconic British carmaker Jaguar Land Rover warned Thursday that a "bad" Brexit deal could jeopardise planned investment of more than $100 billion, upping corporate pressure as the government heads into crucial talks.

The chief executive of the British-based auto group, which is owned by India's Tata Motors, said its "heart and soul was in the UK".

"However, 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," CEO Ralf Speth said. 

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

Prime Minister Theresa May will on Friday hold a summit of her divided cabinet to thrash out their differences on how close economically Britain should stay to the European Union after Brexit takes effect in March 2019.

In response to the warning, the leader of Britain's biggest trade union accused ministers of playing "Russian roulette" with tens of thousands of jobs, but Business Secretary Greg Clark said the government was determined to ensure JLR can continue to invest.

Speth said a "bad Brexit" deal that reimposes barriers between Britain and its biggest trading partners "would cost Jaguar Land Rover more than £1.2 billion ($1.6 billion, 1.3 billion euros) profit each year".

Güncelleme Tarihi: 05 Temmuz 2018, 11:10