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This week Britain decides in a public referendum whether to stay in the EU or leave the organization. The results of various polls are very close and no one can predict a clear outcome. Yet, the results will have profound repercussions for generations to come.
Ford has joined other automakers to warn that a Brexit (Term coined for the out campaign) would affect its investment in the UK and would threaten a budding revival of fortune after years of loss making.
Jim Farley, Ford’s CEO in Europe, said: “If the UK left the EU, it could create economic instability and uncertainty, the full consequences of which are unknown generally and, specifically, to our business.”
He stopped short of declaring a contingency plan if the UK votes to leave the EU on June 23.
Ford has taken a positive step to protect its interests by sending letters to its 14,000 employees telling them that it would be better if Britain stayed within the EU.
Ford has three plants in Britain and two technical and financial centers in addition to a dealer network of 600 service outlets.
BMW is another major investor in the UK with two German-owned brands: Rolls-Royce at Goodwood and Mini in Oxford.
The company’s sales and marketing chief Ian Robertson, a Briton by birth, warned of job losses and possible relocation of manufacturing operations if Britain leaves the EU.
Rolls Royce has sent an e-mail to its staff highlighting the risks if Britain quits the EU.
Meanwhile, the vocal Brexit campaigners have accused BMW of “disgraceful scaremongering.”
While it is clear that the car industry in Britain, which is second largest in Europe, supports the “in” campaign, the issue for the British voters is much bigger and involves other serious issues such as uncontrolled migration from Eastern Europe, financial pressure on schools, housing and the National Health Service.
Once the issue is settled this week, one way or another, normal activities in the financial and manufacturing markets will resume.
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Adel Murad is a senior motoring and business journalist, based in London.
Email: [email protected]