Britain's biggest carmaker cuts 1,000 jobsStaff Writer | April 17, 2018
The UK's biggest auto manufacturer Jaguar Land Rover is cutting 1,000 jobs in its home market as Brexit and slumping sales hit the quintessentially British brand.
Auto industry The company is cutting the jobs at a factory in Birmingham
The company is cutting the jobs at a factory in Birmingham that manufactures the Jaguar F-Pace along with the Land Rover Discovery and various Range Rover models.
It said that a sharp decline in British car sales caused by a loss of consumer confidence contributed to the decision. Jaguar Land Rover's UK sales in March were down 26% compared to the same month last year. Car sales across the industry were down nearly 16%.
Brits have cut back on big-ticket purchases as their wages have been squeezed by a rise in inflation, a side effect of the Brexit referendum in 2016. A sharp drop in the pound following the vote made imported products more expensive and ultimately caused inflation to spike above 3%.
Jaguar Land Rover pointed out that "the huge drop in demand in diesels" led to its decision not to renew the contracts of 1,000 workers. ■