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General Motors Europe Chief Nick Reilly Warns Of Industry Job Cuts Due To Overcapacity Of Cars

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Car sales in parts of Europe are slowing amid stalling economic growth and the sovereign debt crisis, therefore an overcapacity of production could have damaging consequences.

Tens of thousands of auto industry jobs were cut across Europe after a collapse in car sales in 2008, but Nick Reilly, president of GM Europe, which owns Vauxhall and Opel, said there is still a 15pc to 25pc overcapacity.

He said his order book is "holding up" but admitted he is "more cautious" than six months ago.

His company employs about 5,000 staff in the UK but Mr Reilly said GM Europe is in "substantially better shape" than in 2009, when it almost collapsed.

More jobs to go in the jobless recovery?

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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