Ford considering moving its European finance operations to Germany after Brexit

Ford is considering moving it’s massive vehicle finance operations from the UK to Germany after Brexit.

Sky News reported that Ford Credit Europe (FCE) employees, based in Warley, Essex, have been told that the firm is looking into applying for a German banking license.

The news follows Ford’s decision to plan more than 1,000 redundancies by 2021 at the firm’s Bridgend plant and the sale of Vauxhall by parent company General Motors to the makers of Peugeot.

FCE provides credit services for car buyers across Europe and the move would allow the company to continue accessing the EU’s single market if the UK loses its services passporting rights after Brexit.

Unite general secretary, Len McCluskey, said: “The nervousness of the UK auto-sector is on daily display now. The government cannot continue to ignore what is going on any longer. The industry needs certainty now, not two or more years down the line when we may or may not have a Brexit deal.

“Ford’s move is also a reminder that sector by sector trading and market access arrangements, as suggested by the government, are just not appropriate – they could in fact make matters worse. As in the case of Ford and its financial arm, the distinction between manufacturing and services is a grey area at best. The only way around this is for full access to the single market and customs union.”

To read Sky News’ full report follow the link.