Ford Says Brexit to Cost Company $800 Million

January 24, 2019 Share Print 0

Ford faces an $800 million bill if Britain leave the European Union without a deal, comprising World Trade Organisation tariffs and the impact of a weaker pound, Sky News reported on Thursday, citing internal calculations from the auto company.

Car makers and other manufacturers, including Airbus earlier on Thursday, have warned about the toll a no-deal Brexit could impose, including higher tariffs, disruption to supply chains and threats to jobs.

Britain is due to leave the European Union in 64 days, and with Prime Minister Theresa May failing to win support for her negotiated deal, companies are increasingly worried about the possibility of a chaotic Brexit.

Ford operates two engine plants in Britain, its third-largest market, and the destination for roughly one in three cars made at its German Cologne plant.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.