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Jaguar Land Rover CEO latest to warn of Brexit effects on UK industry

The chief executive of Jaguar Land Rover has become the latest business leader to warn on the effects of Brexit.

Speaking to the BBC’s Today Programme, Ralf Speth, said that his company might not be able to attract top engineers after Britain leaves the European Union, due to higher immigration controls.

He told the programme that he is pushing for “free and fair access” to other EU markets as well as Turkey after the split.

Coventy-based JLR is a huge multinational company with operations all across the world, including in India, China, Brazil, Slovakia and Austria.

Earlier this week, the company posted record-breaking annual global sales, according to media reports, smashing the 600,000 barrier for the first time in its history.

But experts have warned that the auto industry may be one of the hardest hit sectors as a result of Brexit, due to its global exposure and its reliance on overseas talent.

The number of cars built in the UK hit a 17-year high last year and more cars are being exported from Britain than ever before, but in January the Society of Motor Manufacturers and Traders  warned that a failure to establish proper trade deals after Brexit could damage the industry “beyond repair”.

 

More than one in two cars produced in the UK in 2016 was exported to Europe, thanks to a 7.5 per cent increase in demand from the continent.

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Global appetite for British-built cars rose by 10.3 per cent to an all-time high of just over 1.3 million– a second consecutive annual record.

Read more at independent.co.uk

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