UK: JOB CUTS IN CAR MANUFACTURING SECTOR
Article Abstract:
The Secretary of State for Trade and Industry, Mr Stephen Byers, has expressed concern over the possibility of further job cuts in the car-manufacturing sector. It has been suggested that the British car industry could face thousands more job losses due to the impact of the strong pound on manufacturing firms. It is also expected that several multi-national car companies may cut their British workforces or put investments on hold due to the strength of sterling. Mr Byers has warned the Government that he will need more money from the Government public spending review if he is to help alleviate the effects of mounting job losses in the industry.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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UK: CAR MAKER FEARS OVER POUND'S STRENGTH
Article Abstract:
Car manufacturers could be forced to look overseas more for component orders owing to the UK pound's continued strength, a delegation of industry executives warned Prime Minister, Tony Blair, on 12 April 2000. The group, headed by Nissan's senior vice-president, Sir Ian Gibson, told Mr Blair that the profitable export of cars from the UK was impossible due to the strength of the currency and the cost of components obtained in the UK. Nissan and Toyota, which along with Honda have invested in excess of GB[pound] 3bn in the UK, are particularly reliant on exports. Nissan noted that to compete effectively, cheaper cars needed to be built, but with the current prices being sought by the UK's component suppliers, this aim cannot be achieved.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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