Rolling coverage of the latest economic and financial news, as workers in Bridgend gather to hear the future of Ford’s engine plant
Another jobs blow: Britain’s largest insurer, Aviva, has just announced 1,800 jobs across its worldwide operations.
Reducing Aviva’s costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly.
We will do all we can to minimise redundancies and support our people through this.
Unions and politicians are very alarmed about the prospect of Ford’s Bridgend plant closing.
Here’s the GMB’s Mike Payne, speaking on the BBC:
“We’ve known for quite a while that unless there was going to be investment in this plant, this plant was at risk.
“Unite will be meeting Ford first thing tomorrow morning and will comment further once the details of any announcement are known. Our priority is our members’ jobs, the communities and livelihoods in the supply chain that Ford Bridgend supports.”
“This is worrying news, first and foremost for Ford employees and their families who are left unsure as to their futures, but also for the jobs across the supply chain and the impact on the local economy in Bridgend.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
The car industry is reeling from a double-dose of bad news this morning.
The British car industry is facing a series of difficulties including a steep fall in demand for diesel vehicles and falling sales in China, previously a key growth market. At the same time, Brexit uncertainty has cast a pall over the industry, with the threat of tariffs on cars and parts travelling to and from the UK.
Related: Ford planning to close Bridgend plant, putting 1,700 jobs at risk
It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.
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