October 17, 2019

Rolls-Royce optimistic over Brexit plans

LONDON: British motor manufacturer Rolls-Royce said Tuesday that he is confident of Britain’s plan to withdraw from the EU, but revealed that the economic recession caused by the Brexit trip has led to a deficit.

The United Kingdom will withdraw from the EU in October, and the new Prime Minister, Boris Johnson, has not reached any trade agreement, which means it will violate the World Trade Organization (WTO) tariff system.

CEO Warren East said in an interview with the British Broadcasting Corporation (BBC) radio station that Rolls-Royce is already in a good position.

“Obviously we prefer this agreement because it may be the best opportunity to provide business security, but we are always prepared for the emergency, to prepare for some type of agreement,” East added.

“We are not as ‘timely’ as some other companies, so we are actually in a stronger position than other companies.

“Regarding tariffs, most of our business is in the aerospace sector, and the WTO rules apply in any case.” Rolls-Royce spent $ 121 million to prepare for Britain’s exit from the EU.

On Tuesday, Rawls also reported that “good progress” has been made in solving the problematic engine problem of the Trent 1000 aircraft. However, as of June, the group’s total net loss still reached 909 million.

In comparison, the loss after taxes a year ago was approximately equivalent to 954 million.

Performance in 2019 was affected in part by the huge $ 763 million charge that the pound depreciated.

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