End of production at plant threatens 3,500 jobs
Even amid the political turmoil, European stock markets are expected to open flat this morning.
The UK’s FTSE 100 edged down yesterday by 0.24%, after a week of gains.
Metro points out North Swindon Conservative MP Justin Tomlinson’s comments that Brexit is not to blame for the closure, after he spoke to Honda and essentially confirmed the plans yesterday.
Tuesday’s METRO: 3,500 jobs to go at Honda #tomorrowspaperstoday pic.twitter.com/l21PxQd128
Honda: @RobertBuckland & I have already spoken to the Business Secretary & Honda. They are clear this is based on global trends and not Brexit as all European market production will consolidate in Japan in 2021.
The news of Honda’s likely announcement dominated the business pages this morning – even if the defection of seven Labour MPs to a new independent group drove the day on the front pages.
The Financial Times used the Honda story to highlight just how close we are to the planned date of Brexit on 29 March, and how a fresh trade deal between the EU and Japan may have tipped the balance away from the UK.
Tuesday’s FT: Honda plant closure deals blow to car industry weeks before Brexit #tomorrowspaperstoday pic.twitter.com/AWZmXZA9Bo
Tuesday’s GUARDIAN: Corbyn is warned: change or more rebels will quit #tomorrowspaperstoday pic.twitter.com/cXnaaP9zfe
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The struggles of the British car industry in the past two years have been well documented, and today we are expecting confirmation of the latest blow: the exit of Honda manufacturing from the UK.