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No-deal Brexit Cost European Firms Up to £14 Billion: UK Trade Minister

European companies face potential tariffs of as much as £14 billion ($18.28bn) a year if Britain and the European Union fail to reach a trade agreement, Britain's trade minister Liam Fox said on Monday (1).

"If we got no agreement with the European Union that would be very harmful to European trade too. European businesses would have to pay tariffs to access the UK's market, possibly to the tune of as much as £14bn a year," Fox told BBC TV.


"That is quite a big business tax to apply to European businesses. It is everyone's interest that we reach an agreement and do it as quickly as possible."

Reuters

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Jaguar Land Rover

Vehicle production came to a complete halt on September (1) with JLR unable to resume global operations until five weeks later

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Jaguar Land Rover production plunges 43 per cent following devastating cyber attack

Highlights

  • JLR produced only 59,200 cars in final quarter of 2025 compared to 104,400 previous year, down 43 per cent due to cyber attack fallout.
  • Operations halted globally for five weeks from September after August breach described as Britain's most expensive cyber attack.
  • Retail sales plummeted 25 per cent to 79,600 vehicles; company preparing to launch £100,000+ electric Jaguar saloon later this year.

Car production at Jaguar Land Rover plummeted by 45,000 vehicles in the final quarter of 2025 as the British automotive giant struggled with the aftermath of what experts have described as the most expensive cyber attack in British history.

The company revealed total output in the three months to December was down 43 per cent compared to last year, despite restarting factory lines in the second week of October. JLR produced just 59,200 cars in the final quarter of 2025, compared to 104,400 the previous year.

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