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Brexit could kill entire industries, says Jaguar Land Rover boss | politics



Key industries are being destroyed by a tough Brexit, one of the country's most powerful leaders has predicted, with warnings that Britain's imminent exit from the EU will reduce investment by four out of five companies.

Ralf Speth, head of Jaguar Land Rover, said that such a result would lead to the closure of factories and large job losses, as he warned that some exposed industries "would not survive a hard Brexit".

His strong intervention comes as Downing Street desperately tries to reassure the business world before the Brexit, though senior Tories like William Hague now have the odds of a "no-deal" result at 50%. Theresa May held a teleconference on Friday with some 1

30 numbers after a chaotic week that came dangerously close to the collapse of the Brexit talks. She told them that an emergency summit could be convened in November to conclude a deal.

Speth stuck to his claim that tens of thousands of jobs would be lost. "That's right," he told Your Money Channel last week on a trip to Australia. "Anyone can do math, it's very open and very transparent, it's not just Jaguar Land Rover, but also an element for the supply industry and export industry in the UK."

It's going to be very, very critical if we have one Hard Brexit or no deal. Companies will disappear, plants will be closed. There is no way to survive a hard Brexit for many industries. But I hope again that the politicians see it and act in favor of their own people.

Hague said in the same program that May is the Prime Minister's most precarious moment. "That's the realistic situation," he said. "If everyone sticks to their current position, there will be no business. There is currently no majority in parliament. "

British manufacturers have particular concerns about the introduction of border controls and delays." The phrase "as smoothly as possible" is not good for us, "said an industrial figure." We do not need friction or we have problems. "[19659008] Carolyn Fairbairn, CBI Director General ” src=”https://i.guim.co.uk/img/media/99800adcb809b47d33c9208da8ebea40decfe98b/580_137_1841_1105/master/1841.jpg?width=300&quality=85&auto=format&fit=max&s=d69aea5ae8b46a234cae5c392f4dd2d3″/>



Carolyn Fairbairn, CBI Director General Photo: Bloomberg on Getty Images

In the recent CBI employers' opinion survey, 80% of companies said that Brexit had a negative impact on investment decisions. Nearly two-fifths (39%) said they would initiate further contingency plans if there was no clarity by next month.

Most companies said they would implement harmful contingency plans if there was no certainty about Brexit by December (19%) said that the moment when contingency plans could be stopped was already over. The survey included 236 companies representing 101 large companies and 135 small and medium-sized enterprises.

Carolyn Fairbairn, CBI Director-General, said the Prime Minister's negotiations were "outdated by the reality of local businesses".

"The situation is urgent now," she said. "If a resignation agreement is not completed by December, companies will press the button on their contingency plans, jobs will be lost and supply chains will be relocated."

"As a result, the UK economy would be badly hit. Living standards would be compromised and less money available for vital public services such as schools, hospitals and housing.

"Many companies will not publish these decisions, but their impact will be reflected in lower GDP years, and as long as" no deal "is possible, it will have a negative impact on the UK economy, jobs and communities."

John Longworth and Richard Tice of the pro-Brexit Leave Means Leave group rejected the survey as "political propaganda."

They said, "This lightweight survey, with a sample size of just 236 companies, is not indicative of the general mood music of companies across the country who just want the government to carry on it," they said. "The CBI is simply the mouthpiece for reckless multinational corporations and political elites ready to sacrifice our long-protected democracy for their own pensions and profit margins."


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