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Uncertainty surrounding 'Brexit' is ‘significant issue’ for Ford

Jessica Hartogs, Special to
Brexit would cause instability: Ford EMEA CEO

The uncertainty surrounding the vote next week in the U.K. over whether it remains part of the European Union is a "significant issue" for car manufacturer Ford, the U.S. automaker's European chief executive told CNBC.

"We're the number one brand in the U.K. and for us the uncertainty which we've seen in the currency is a significant issue for our 14,000 employees," Jim Farley, EMEA CEO of Ford, told CNBC on Monday.

Sterling fell to an eight-week low Monday, reported Reuters, on the back of the latest polls which suggested a lead for the "Brexit" camp.

"The U.K. is our biggest market. The certainty on what will happen in the case of 'Leave' has significant issues for us as a business. This is an unprecedented situation, for us a really critical one for the future of our business," added Farley.

Farley did not expand on whether the vehicle maker would have to downsize its operation in Britain, should U.K. voters opt to leave the EU on June 23.

"We don't want to speculate about such things because we really don't know how this is going to play out. It's unprecedented. For us, the most important thing is stability and export/import and around the currency markets... that's what we're focused on, looking at contingency planning from hedging the currency and all the other things that we should be preparing for," he said.

"The most important thing is dealing with that uncertainty."

The most recent YouGov poll showed the Leave campaign ahead by 10 points.

Too early to say what we’d do in case of Brexit: Ford EMEA CEO
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Christopher Furlong | Getty Images

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