JLR ‘waiting on hundreds of millions of pounds’ of investment decisions, says Mayor

Jaguar Land Rover is “sitting waiting on hundreds of millions of pounds of investment decisions” that will be implemented in the UK if the right Brexit deal is agreed, according to West Midlands Mayor Andy Street.

He is optimistic that Prime Minister Theresa May will get a deal agreed with the European Union and then have it approved by the House of Commons – and “it will be a good deal for the West Midlands”.

Andy Street

Street made the comments at a briefing event that was designed to re-establish the strengths of his mayoral narrative in the wake of the disappointment of Channel 4 choosing to place its “national headquarters” in Leeds and not Birmingham.

The failure attracted adverse comments from political opponents locally because, unlike Birmingham’s 2022 Commonwealth Games and Coventry’s 2021 City of Culture bids, the campaign had been led by the Mayor and Birmingham had been viewed as the favourite.

“Most of the time to be fair the Labour leaders across the region have worked with me incredibly well, we just had a slight moment over Channel 4,” said Street. “But we must stick together because it is what delivers confidence from the business community and from investors.”

One of the most significant investors in the region, Jaguar Land Rover, could also be said to be having a slight moment, as it battles falling sales, especially for diesel cars, manufacturing challenges with the shift to electric and driverless cars, and the impact a bad Brexit deal could have on its Midlands operations.

The manufacturer’s chief executive, Dr Ralf Speth, has previously said a hard Brexit would cost the group £1.2bn a year and put “tens of thousands” of jobs at risk.

Jason Wouhra, far left, embarking on the India trade mission with Andy Street and James Brokenshire

But Street, who met with Jaguar Land Rover’s owners as part of a trade mission to India last month, is optimistic that a solution can and will be found.

Street Said: “I know for a fact that he [the CEO of Jaguar Land Rover} is sitting waiting on hundreds of millions of pounds of investment decisions.

“They will happen if the right Brexit deal occurs. They probably won’t happen if it’s the wrong Brexit deal.”

He is also optimistic about May’s chances of success in Brexit negotiations in the coming weeks.

“This is not the majority view at the moment but I do think the Prime Minister will get a deal and I actually think she will get it through the House of Commons,” he said.

“It’s going to be a very, very brave Conservative member of parliament who, despite the huffing and fuffing, votes against that because it is effectively a vote of no confidence in the Government, and we all know what that will lead to in terms of a general election.

“I think she will do better than predicted and I do think that if it’s broadly as the Chequers deal it will be a good deal for the West Midlands gven our economy is different to the rest of the country.”

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