3,500 jobs at risk as Honda set to become the latest company to bail on Brexit Britain
The closure will put 3,500 jobs on the line.
Honda has become the latest major company to consider its future within the United Kingdom as the Brexit deadline looms.
According to multiple sources, including the BBC, The Japanese car manufacturer will announce its intention to close its Swindon plant amid unfavourable trading conditions brought about by Brexit.
The company is expected to relocate production to Japan, which can guarantee tariff-free exports to the EU as the result of a trade deal signed between the two parties recently.
However, the job losses will not be felt instantly, and the Swindon factory will remain in operation until 2022. Similarly, Honda has not stated any intention to close its European HQ, which is based in Bracknell.
Its UK-based Formula One team will also continue for now.
Honda joins several other motor companies — including Ford, Nissan and Jaguar — to cut staff or abandon projects as a result of Brexit. Similarly, companies like Dyson and Sony have announced plans to relocate in recent weeks.