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Ford Warns of Possible Jobs Cuts in U.K.
Ford Motor Co. says it could reduce its workforce in the U.K. in the wake of the kingdom’s vote last week to leave the EU “if there is clear evidence that action is needed.
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Ford Motor Co. says it could reduce its workforce in the U.K. in the wake of the kingdom’s vote last week to leave the EU “if there is clear evidence that action is needed.”
Ford notes that it has made no immediate changes in its investment plans in England. But it also cautions it will “take whatever action is needed” to remain competitive. The company, which began reducing its production capacity in England seven years ago, employs some 14,000 people there to make engines for export.
Ford also warns that an expected downturn in the British auto industry, coupled with a weaker pound sterling, is likely to “have an adverse impact on our operations in the long run." Analysts tell the Financial Times that further investment in England is unlikely by any carmaker until questions about future trade tariffs are resolved.
Last year the U.K. produced about 19% of all cars registered in Europe, according to The Wall Street Journal. Some analysts predict England’s car market could shrink by 20% if the British economy falls into a recession.
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