WTO Trading? Just Ask JCB

Lord Bamford  has written “I have decades of experience selling British-made machines to WTO and EU countries. Nearly three quarters of what we manufacture is exported. Likewise, my company buys components from all over the world. Trading with Australia on WTP terms is as natural to us as trading with Austria on EU single market terms. To underline the point, 40% of JCB’s exports go to WTO countries, 27% to EU countries. We import components worth £250million from WTPO countries. This two-way trading arrangement happens every day”.

Construction equipment manufacturer JCB  enjoyed a record year in 2017 thanks to rebounding global markets, as it saw its sales surge 28% to pass £3bn for the first time. Sales turnover in 2017 was £3.35bn, up from £2.62bn the year before. Machine sales increased to 75,693, up from 66,011 in 2016.

Meanwhile the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by almost 19% to £341m (up from £287m in 2016). The company said sales continued to rebound in 2018, pushing JCB’s global production levels to a record level of 500 machines per day.

Lord Bamford wrote “I voted to stay in the Common Market in 1975. I did not vote for a political union, I did not expect us to hand over sovereignty to the EU. I certainly did not expect unaccountable leaders in Brussels to govern over us”. Nor did I.

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