Britain’s biggest carmaker, Jaguar Land Rover, warned that a hard Brexit would cost £1.2bn a year in trade tariffs and make it unprofitable to remain in the UK.
Ralf Speth, JLR chief executive, spoke out ahead of a key meeting on Friday as Theresa May tries to finalise her plans for the UK’s future relationship with the EU.
As well as the cost of trading under World Trade Organisation rules, Mr Speth said:
- JLR needs certainty before investing £80bn over five years, including into new and electric cars;
- The company has already spent £10m on Brexit contingency plans;
- JLR is struggling to attract international talent to UK.
“I don’t want to threaten anybody, but we have to make transparent the implications of the move. We want to stay in the UK. Jaguar Land Rover’s heart and soul is in the UK,” said Mr Speth.