Brexit leads to uncertainty in trade deals, says Jaguar

Bloomberg

Jaguar Land Rover said a withdrawal by the U.K. from the European Union could mean new trade deals will have to be negotiated both within the region and beyond, resulting in uncertainty.
Leaving the EU would be “highly damaging” and make the U.K.’s biggest carmaker’s products less competitive in Europe, JLR Chief Executive Officer Ralf Speth said in a letter to employees on Monday, provided to Bloomberg News.
The luxury unit of Tata Motors Ltd. joins Toyota Motor Corp. and other companies with operations in the U.K. in underlining the risks they face before a vote on Thursday over whether the country should remain in the EU.
While the International Monetary Fund has warned the U.K. could slide into a recession if it leaves, manufacturers are concerned such a move would hurt exports and erode their competitiveness.

Employer’s View
“It would become more difficult to buy components and sell our products in our largest market,” Speth wrote employees, warning of “increasing and higher tariffs” in Europe. “This is not just an employer’s view or that of ‘big business.’ It is also the conviction of the unions who represent you.”
A poll taken since the killing of pro-European lawmaker Jo Cox on Thursday and published over the weekend showed 45 percent of voters backed the ‘Remain’ camp, while 42 percent were in favor of a so-called Brexit — a turnaround from early last week when a slew of surveys put the latter group ahead.