Jaguar Land Rover Says 40,000 Jobs At Risk From Bad Brexit Deal

Jaguar Land Rover boss: Brexit threatens £80bn UK investment

Jaguar Land Rover says Brexit uncertainty risks 40,000 jobs

Shares in the owner of Jaguar Land Rover touched five-year lows yesterday after Britain's largest vehicle manufacturer warned that a hard Brexit would hit its profits by more than £1.2 billion a year.

However, in an interview with the FT Dr Speth said that although the company's "heart and soul" was in the United Kingdom, the spectre of a no-deal Brexit could have a significant impact on its business and its 40,000 employees across the country.

Clark, who has urged his cabinet colleagues to take business concerns seriously, called JLR a "great British success story".

Fears over disruption triggered by the UK's departure from the European Union sent Tata Motors down more than 5 per cent on the Bombay Stock Exchange to their lowest level since April 2013.

Shares in Tata plunged to their lowest in more than five years on Thursday, as investors turned jittery on the company, whose biggest business is JLR, which contributed almost 77 percent of its total revenue in the year ended March 31, 2018.

Like Jaguar Land Rover, BMW said it would have to close its Mini and Rolls-Royce production facilities if a trade agreement isn't reached.

"We are determined to make sure that it can continue to prosper and to invest in Britain", he tweeted. The business secretary said the government would do all they can to keep Britain attractive for businesses. but Boris Johnson is also rumoured to have said "f*** business" at a dinner last week, so.

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Speth added: "Electrification and connectivity offer significant economic and productivity opportunities - get Brexit wrong and British people, businesses and broader society lose the chance to lead in smart mobility".

The carmaker is calling for clarity and certainty about Britain's future trading relationship with the EU.

Mainland Europe is one of JLR's largest markets, with 20% of cars being sold there.

In April, it said that it would not renew the contracts for 1,000 temporary workers at its operation at Solihull in the West Midlands region of England.

- The company plans to invest £4.5 billion in the current financial year.

With the government at loggerheads and the European Union looking on anxiously, Airbus, BMW and Siemens have also warned in recent weeks that they could yank investment out of Britain unless any Brexit deal ensures cross-Channel trade continues to flow freely.

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