JCB boss backs Britain leaving EU

08:57 • 18.05.15
Economy

The chairman of construction equipment firm JCB has said he is in favour of Britain leaving the European Union, the BBC reports. 

"We are the fifth or sixth largest economy in the world. We could exist on our own - peacefully and sensibly," Lord Bamford told BBC Midlands Today.

Lord Bamford said an exit would enable the UK to "negotiate as our country rather than being one of 28 nations".

Prime Minister David Cameron has promised an in-out referendum on the UK's EU membership by the end of 2017.

Lord Bamford was speaking as the privately-held firm reported £303m in underlying earnings for 2014, compared with £313m in 2013.

JCB said the UK's construction boom had helped offset weaker markets globally.

The construction equipment market in both Brazil and China dropped by 17% last year, with Russia down 27% and India by almost 15%, it reported.

In contrast, the market for plant machinery in the UK surged by 30%, while in the US it rose 13%.

Overall JCB said sales totalled £2.5bn, down 6% on 2013.

Lord Bamford said the firm was "well placed" to capitalise on improving growth in developing countries.

"The need for infrastructure in much of the developing world remains acute and will eventually drive a resumption of growth," he added.

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