CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Ford warns that 7000 British jobs at risk in no-deal Brexit

The US carmaker has warned that it may be forced to slash more than half of its British factory workers jobs in the event that the UK bails out of the EU without a deal in place.

Ford warned that it may have to cut more than 7000 British factory workers jobs if politicians in the UK and Brussels are unable to reach a consensus and avert a no-deal Brexit.

The carmaker did mention that it has not yet made a final decision on whether to make jobs cuts in its UK-based factories, where it employs around 13,000 people, but has said that a no-deal Brexit would likely have ‘catastrophic’ consequences for the British automotive industry in a statement it issued on Wednesday.

Ford will do whatever it takes to ‘preserve competitiveness’ post-Brexit

Theresa May is well aware that the danger that Brexit poses to the British automotive industry, with Ford warning against a hard Brexit in a conference call with her and other business leaders that was reported on by The Times newspaper on Tuesday.

‘We have long urged the U.K. government and parliament to work together to avoid the country leaving the EU on a no-deal-, hard Brexit-basis,” Ford Motor Company said in a press release on Wednesday.

‘We will take whatever action is necessary to preserve the competitiveness of our European business,’ the company added.

British car output hits the skids

British car output has fallen by 9.1% to 1.52 million units in 2015, representing a five-year low for the industry and the fastest rate of decline since the 2008 financial crisis, according to data from the Society of Motor Manufacturers and Traders (SMMT) in January.

Overall output for UK and overseas markets has declined 16.3% and 7.3% respectively, with Brexit uncertainty leading to British automotive investment being halved in 2018 as forecasts predict that two-thirds of UK car trade is at risk if a Britain leaves the EU without a deal.

‘Brexit is the clear and present danger and, with thousands of jobs on the line, we urge all parties to do whatever it takes to save us from ‘no deal,’ SMMT CEO Mike Hawes said.

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