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
-
Side hustle tax changes: HMRC reforms could save thousands from filing self-assessment tax returnsThe government plans to raise the tax-free threshold for trading income – here is how it could help your side hustle
-
Return to the office: is working from home coming to an end?More and more employers want their staff to return to the office. Is it a good idea?
