Warning as Jaguar Land Rover calls for 'greater certainty' over Brexit

PA

Car giant Jaguar Land Rover has warned it urgently needs "greater certainty" on Brexit to continue to invest heavily in the UK and safeguard suppliers, customers and 40,000 British-based jobs.

The warning from the country's biggest carmaker follows similar statements from BMW and Airbus - and comes ahead of a crucial meeting of the Cabinet in Friday to finalise a White Paper on Brexit.

Dr Ralf Speth, chief executive of JLR said the company's "heart and soul was in the UK".

He said: "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.

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

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

"As a result, we would have to drastically adjust our spending profile. We have spent around £50 billion in the UK in the past five years, with plans for a further £80 billion 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.

"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."