US car giant Ford says it has started consultations on closing its plant at Genk in Belgium with the loss of 4,300 jobs to slash costs.
Last month, Ford warned of job cuts in Europe in response to weak sales.
Separately, it has been reported by the BBC that Ford was unwilling to confirm nor deny reports that it is to close its plant in Southampton, where it employs 500 people and makes the Transit van.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company has been looking to lower its labour costs in the European region, where 25% of Ford's sales are earned.
CM
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
