The once-almighty car giant, General Motors has announced further job cuts in the UK. According to the times "General Motors is to cut a further 154 administrative jobs from Vauxhall UK around the country on top of previously announced job cuts at its Luton plant."
Recession News
Jaguar Land Rover call threats to raise government loans
Only 2 years after buying the premium brand of Jaguar Land Rover, the Tata Group, has announced that the brands can’t survive without government assistance. The Indian based conglomerate is calling on the UK Government for a £500m loan to battle the economic climate; a somewhat far cry from their original request for £1bn over two years.LDV barter for survival
The struggling van maker, LDV is offering vans to creditors in part-settlement of its debts as it attempts to stave off collapse. The British van maker, owned by Russian billionaire Oleg Deripaska, is pleading the UK Government for financial assistance in the wake of the credit crunch. The once prominent van brand owes millions including almost £1 million in national insurance contributions.
1car1 enters administration
Recent reports indicate that 1car1 has gone into administration. The car and van rental company is one of the largest in the country and employs approximately 700 people in the Leeds area. Managers of the independently owned car and van rental company will meet with administrators today having already informed staff. According to the Sun newspaper, a memo to all staff revealed that the troubled company "cannot guarantee salaries will be paid as normal at the end of this month.”
Toyota cut costs
Toyota will freeze the pay of its 4,500 British workers in an attempt to beat the credit crunch. Despite these savings, the Japanese car and van maker will continue its quest to cut costs in response to an unprecedented fall in the global demand for new cars and vans. Toyota has also said that it will not pay management bonuses at this time.
