Equipment Type

JCB Chairman Suggests Brexit Will Make UK Leader in Global Free Trade

JCB exports 75 percent of everything it makes

October 28, 2016

Sir Anthony Bamford, Conservative member of Britain's House of Lords and chairman of JCB, said today that leaving the European Union's (EU) single-market will allow Britain to become "a global leader in free trade" and said businesses would take new export tariffs "in their stride."

Amidst uncertainty and consfuseion regarding the effect Bredit will have on the United Kingdom's economy, and the construction equipment industry in particular, Sir Bamford suggested that it would be in the EU's interests to strike up a free trade deal with the UK.

"If WTO rules were to apply, the EU would lose out much more than the UK. That is what Civitas concluded this week in its analysis of potential tariff costs for EU-UK trade."

"As a nation, over 54% of all UK exports go to non-EU countries. Of course, Europe will continue to be an important market, but the EU’s role in the world economy is shrinking and will continue to shrink further. That is why regaining control of how we trade with the rest of the world is so important," he said.

"We need the government to secure an exit deal ... that will allow us to become a truly global trading nation."

Read the transcript of his statement today in the House of Lords here:

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