Bitter German car manufacturer blames Brexit vote for causing production cuts.
A GERMAN car manufacturer has blamed the historic Brexit vote for putting the brakes on production and cutting thousands of staff.
The Opel Group, which owns Vauxhall, is slashing staff hours in its factories based in Eisenach and Russelsheim, Germany, as it comes to terms with the EU referendum result.
Brexit was greeted by a fall in the pound, which means any vehicles imported into Britain are now more expensive, giving UK exporters a boost.
Around 5,000 workers will have their hours cut as a result, the number of hours reduced will depend on how heavily the UK car sales market plummets.
The Vauxhall Corsa is Britainís second most popular car after the Ford Fiesta and the three-door model, which accounts for half of those sales, is made in the Eisenach factory.
The company also manufactures the Insignia model in Germany.
In the run up to the EU Referendum, Opel warned that Brexit would cost the company £305million due to currency moves and weaker demand if there was an economic downturn.
But strong retail sales figures suggest no such economic hardship, with 2.7 million new cars expected to be bought in Britain this year, 70,000 more than in 2015.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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