Jaguar Land Rover in £1.2 Brexit losses alert

UK government has created.” Following reports that the official Vote Leave campaign in the EU referendum is about to be accused by the Electoral Commission of breaking legal spending limits, Mr Russell suggested the legitimacy of the Brexit result was in doubt.

“I think the legitimacy of this result has been under question for a considerable period of time,” he said.

“I think there are many good people who believed that they were voting for something that would produce benefit. It hasn’t done that.”

He added: “If they were voting for it on the basis of a false prospectus, and indeed breaches of electoral law, then that creates a very serious set of circumstances which have to be addressed.” Car giant Jaguar Land Rover has warned that leaving the single market and customs union will cost it £1.2bn in lost profits and could force it to quit the UK.

Britain’s biggest carmaker said it urgently needs “greater certainty” on Brexit to continue with plans for £80bn investment in the UK over the next five years. JLR employs 40,000 workers in the UK and supports another 300,000 in the supply chain.

The warning follows similar statements from BMW and Airbus. Dr Ralf Speth, chief executive of JLR said its “heart and soul was in the UK”. He said: “However we, and our partners in the supply chain, face an unpredictable future if the Brexit negotiations do not maintain free and frictionless trade with the EU and unrestricted access to the single market.

“A bad Brexit deal would cost Jaguar Land Rover more than £1.2 billion profit each year.

“We would have to drastically adjust our spending profile. We have spent around £50 billion in the UK in the past five years, with plans for a further £80 billion more in the next five. This would be in jeopardy should we be faced with the wrong outcome.”