Money Tory MP claims hard Brexit would put Jaguar Land Rover in ‘wonderful position’

14:31  05 july  2018
14:31  05 july  2018 Source:   msn.com

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"A bad Brexit deal would cost Jaguar Land Rover more than £1.2 billion profit each year. One in three cars exported from the UK are Jaguars or Land Rovers . Mainland Europe is one of JLR 's largest markets, with 20% of cars being sold there.

Introduction: JLR says hard Brexit puts billions of investment at risk. The West Midlands and Liverpool could be badly hit if Jaguar Land Rover cuts investment in the UK or moves production overseas because of Brexit .

  Tory MP claims hard Brexit would put Jaguar Land Rover in ‘wonderful position’ © BBC

Pro-Brexit conservative MP Owen Paterson has dismissed Jaguar Land Rover’s concerns a hard Brexit would make it unprofitable to stay in the UK because of a sharp rise in tariff costs, claiming instead that JLR would be in a “wonderful position” if the UK left the single market, customs union and jurisdiction of the European courts.

Mr Patterson told the BBC Today Programme that businesses warning against a ‘no-deal’ scenario were assuming that automatically meant tariffs would be imposed on goods.

“If we go to WTO terms, we set our tariffs and we can choose to have no tariffs,” Mr Paterson said.

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Britain's biggest auto manufacturer is warning that a bad Brexit would blow a hole in the company's profit and put a huge amount of its spending in the country at risk. Jaguar Land Rover employs around 40,000 people in the United Kingdom.

Jaguar Land Rover ( JLR ) has warned that a so-called hard Brexit would cost it £1.2 billion (.59 billion) a year and threaten its future in the United Kingdom. Jaguar Land Rover joins Airbus and Siemens in putting pressure on the UK government over Brexit .

  Tory MP claims hard Brexit would put Jaguar Land Rover in ‘wonderful position’ © PA

He went on to claim that if the UK was outside a European customs union, that meant JLR could have access to cheaper components from elsewhere in the world, which in turn would force European suppliers to lower their prices in order to compete.

“All the studies show the car trade is very robust at the moment, it is profitable, and that will continue”, Mr Paterson said. “Of course” business was being listened to by government, he said, but added that it was “really important for business to get behind the prime minister”. 

Also on Thursday, the UK’s main retail lobby warned of a “dramatic” negative impact on UK shoppers from a no-deal Brexit, with “food rotting at ports”. Businesses have expressed intense frustration at what they see as a lack of consultation for the Brexit process from the government.

Jaguar escapes enclosure and kills six zoo animals .
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