Airbus warns of ‘catastrophic’ no-deal Brexit

A top Airbus executive warned today that a no-deal Brexit would be "catastrophic" for the industry, adding that the company has already spent tens of millions of euros preparing for such a scenario.

“There is no such thing as a managed ‘no deal’, it’s absolutely catastrophic for us,” Airbus' Senior Vice President Katherine Bennett told the BBC’s Andrew Marr show.

“Some difficult decisions will have to be made if there’s no deal ... We will have to look at future investments," she added.

Airbus employs 14,000 people across the U.K. Asked where Airbus would relocate production in such a situation, Bennett said that "there's many other countries that dearly love aerospace."

She said the company already spent "tens of millions of euros" preparing for Brexit, including a no-deal scenario, by stockpiling parts, securing IT systems and figuring out employees' future travel arrangements.

The company has a backlog of orders for 9,000 aircraft, Bennett said, which means it would be "many, many years" before U.K. employees would be affected in case the company decides to relocate.