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>> One and a half billion dollars, that's what British car maker, Jaguar Land Rover, says Brexit could cost its business every year, if Britain crashes out of the European Union without a trade agreement. Britain's biggest car manufacturer saying Thursday, a bad Brexit deal will jeopardize the $100 billion investment plan it has for the UK, and risk 40,000 jobs.
The Midlands based firm joining a growing chorus of companies threatening to pull out of the UK. And its timing might not be a coincidence, says Reuters columnist Amy Donnellan.>> Tomorrow is the meeting. Theresa May is gathering her cabinet together. This will be now an issue that they will have to discuss.
I think it's interesting just to see the locations of the companies that are coming forward. These are areas that did actually vote Brexit. So again, I think that this is something the Tories have to listen to. They can't just say, this is Project Fear. This is Remain complaining.
This is going to impact the people who did vote out. But JLR's plea could fall on deaf ears at Friday's crucial meeting. Conservative lawmaker Owen Paterson saying Thursday, the Brexit would actually put manufacturers, and I quote, wonderful position. Outside the EU custom's union, he says they can source cheaper components from anywhere in the world.
And European suppliers would be forced to slash prices to stay competitive. The reality though might not be as straightforward.>> If you own a Jaguar or Land Rover you already have supply chains in place. You have lots of different companies that you use throughout Europe. Surely it would be easier to move your production out of the UK and keep all those supply chains exactly as they are.
So, again, you kinda have to look at the kind of reality of whether that could happen or not, whether everyone bends over backwards because the UK is leaving.>> Jaguar and Land Rover's statement is already turning investors jittery. Shares in Indian parent company Tata fell to a five-year low on Thursday.