After Airbus and BMW now Britain’s biggest car manufacturer Jaguar Land Rover threatens the UK for Hard “Brexit”, the company said it would cost the company 1.2 billion pounds a year risking the future presence in the UK.
CEO Jaguar Land Rover, Ralf Speth, said in a statement on Wednesday, “We need certainty from the UK government in order to keep our investments in the UK and protect our supplier, customers, and 40,000 British employees.”
It was yet another strong statement from one of the businesses in the UK who has already threatened their business operations in the UK. The COO of Airbus Tom Williams said earlier “If there is no deal, the future of Airbus in the UK is directly under a threat.”
BMW also made statements to close down their British manufacturing plants amid hard Brexit, the list of whistleblowers is increasing and JLR has joined the list of protestors who are concerned about business disruptions in the UK if Britain pulls out from the bloc without a trading agreement with European Union, so-called hard Brexit.
JLR’s Indian parent company Tata Motors Ltd said, “The recent statement from JLR is only indicating that Brexit is not in a favor of anyone in the UK, it only increases bureaucracy and reduces competitiveness while increasing uncertainty in the market.”
Tata Motors Ltd. Shares were plunged to the lowest in the last five years on Thursday; it clearly shows the withdrawal from investors as the company own the biggest business JLR which contributed around 77 percent of the total revenue in 2018.
Ralf Speth’s statement came after the meeting with high echelons in parliament including the Prime Minister Theresa May and her cabinet of ministers, the meeting was focused on negotiation and to decide the future strategy for Britain as a result of ending the relationship with European Union.
The pool of protestors also includes Siemens which went public ltd last week, the company fears its future after leaving EU customs union, what single market would mean to their business they know it very well.
JLR demands that the company requires free and frictionless trade agreement with EU and unrestricted access to the single market.
Jaguar said they have spent roughly 50 billion pounds in the UK over the last five years, and they had plans to invest 80 billion pounds more over the next five years, but bad Brexit would put the JLRs position at stake, it would cost the company more than 1.2 billion pounds each year, as a result, the company would take drastic measures to control the loss which could be anything from layoffs to closure of the business operations.