{"id":85031,"date":"2018-07-09T09:46:21","date_gmt":"2018-07-09T09:46:21","guid":{"rendered":"https:\/\/www.bnreport.com\/jaguar-land-rover-hard-brexit-would-cost-1-2b-3\/"},"modified":"2018-07-09T09:46:21","modified_gmt":"2018-07-09T09:46:21","slug":"jaguar-land-rover-hard-brexit-would-cost-1-2b-3","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/jaguar-land-rover-hard-brexit-would-cost-1-2b-3\/","title":{"rendered":"Jaguar Land Rover: Hard Brexit would cost \u00a31.2B"},"content":{"rendered":"

A hard Brexit leading to trade under World Trade Organization rules would cost Jaguar Land Rover \u00a31.2 billion a year in tariffs, its Chief Executive Ralf Speth told the Financial Times<\/a>.<\/p>\n

He said the company, which is the U.K.s largest car manufacturer, needs certainty about the post-Brexit trading regime before it can decide on \u00a380 billion in investment over five years in new models.<\/p>\n

\u201cI dont want to threaten anybody, but we have to make transparent the implications of the move. We want to stay in the U.K. Jaguar Land Rovers heart and soul is in the U.K.,\u201d Speth told the outlet. \u201cWe have other options. If I do it here and Brexit goes in the wrong direction, then what is going to happen to the company?\u201d<\/p>\n

\u201cAt the end of the day were in a cycle plan that means I have to make a decision. I cant just wait, wait, wait, wait,\u201d he added, saying the company already has spent \u00a310 million on Brexit contingency planning.<\/p>\n

\u201cIf Im forced to go out because we dont have the right deal, then we have to close plants here in the U.K. and it will be very, very sad,\u201d he added.<\/p>\n

The companys intervention in the Brexit debate comes two days before a key Cabinet meeting at the prime ministers Chequers country residence at which Theresa May will present a compromise customs plan to ministers. It is likely to strengthen the hand of those in the Cabinet who favor a closer relationship with the EU after Brexit.<\/p>\n

Jaguar Land Rover employs around 40,000 people who make roughly 600,000 vehicles a year and supports an additional 300,000 jobs in the U.K. It exports \u00a318 billion of goods a year and has invested \u00a350 billion over the past five years. It has already moved production of its Discovery sport utility<\/a> vehicle to Slovakia. In April it cut 1,000 jobs in the West Midlands<\/a>, citing a slump in demand in the U.K. due to Brexit.<\/p>\n

Read this next: UK couple found near Salisbury was exposed to Novichok: police<\/a><\/em><\/h2>\n","protected":false},"excerpt":{"rendered":"

A hard Brexit leading to trade under World Trade Organization rules would cost Jaguar Land Rover \u00a31…<\/p>\n","protected":false},"author":1,"featured_media":85032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-85031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nJaguar Land Rover: Hard Brexit would cost \u00a31.2B - Business News Report<\/title>\n<meta name=\"description\" content=\"A hard Brexit leading to trade under World Trade Organization rules would cost Jaguar Land Rover \u00a31...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/jaguar-land-rover-hard-brexit-would-cost-1-2b-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jaguar Land Rover: Hard Brexit would cost \u00a31.2B - 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