Jaguar says that “bad Brexit” would mean he could not stay in the UK



EDINBURGH (Reuters) – Britain's biggest automaker, Jaguar Land Rover, said on Wednesday that the so-called "hard Brexit" would cost 1.2 billion pounds a year, which would reduce its future operations in the United Kingdom. United.

The Jaguar logo is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, on March 6, 2018. REUTERS / Pierre Albouy

"We urgently need greater certainty to continue investing heavily in the United Kingdom and safeguard our suppliers, customers and 40,000 employees based in Great Britain, "JLR Chief Executive Ralf Speth said in a statement.

A worker walks between rows of Jaguar and Land Rover while waiting to be shipped from the Peel Ports container terminal in Liverpool, UK, December 9, 2016. REUTERS / Phil Noble

Speth's comments are presented before a meeting this Friday between Prime Minister Theresa May and her cabinet ministers to decide on Britain's strategy to negotiate its exit from the European Union, ending a 40-year commercial relationship.

Due to the uncertainty about what Britain really wants from the EU after its departure, the outcome of the cabinet meeting is considered essential to advance the talks with the EU on the subject.

The last few weeks have been criticized by some of the largest companies operating in Britain.

Airbus ( AIR.PA ) and Siemens ( SIEM.NS ) made public last week their fears about what it would mean for their business to leave the EU customs union and the single market . [L8N1TN6U6]

JLR joined the fray, saying the group needed "free and frictionless trade with the EU and unrestricted access to the single market."

"A bad Brexit deal would cost Jaguar Land Rover more than 1.2 billion pounds in profits each year, and as a result, we would have to drastically adjust our spending profile, we have spent about 50 billion pounds in the UK on the last five years, with plans for another 80 billion pounds more in the next five, "Speth said in a statement.

"This would be in danger if we are faced with a wrong result"

Report by Elisabeth O & # 39; Leary, edited by G Crosse

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