July 4, 2018 / 9:12 PM / 9 months ago

Britain's JLR says 'bad Brexit' would mean it could not stay in UK

EDINBURGH, July 4 (Reuters) - Britain’s biggest vehicle maker Jaguar Land Rover said on Wednesday a so-called hard Brexit would cost it 1.2 billion pounds ($1.59 billion) a year, curtailing its future in the United Kingdom.

“A bad Brexit deal would cost Jaguar Land Rover more than 1.2 billion pounds in profit each year. As a result, we would have to drastically adjust our spending profile; we have spent around 50 billion pounds in the UK in the past five years - with plans for a further 80 billion pounds more in the next five,” JLR’s Chief Executive Ralf Speth said, confirming the details of an interview given to the Financial Times.

“This would be in jeopardy should we be faced with the wrong outcome.” ($1 = 0.7557 pound) (Reporting by Elisabeth O’Leary, editing by G Crosse)

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