Fleet News

Vauxhall chief says investment hangs on currency adoption

FUTURE Vauxhall investment in the UK depends upon the speed with which this country adopts the single European currency. In a clear warning to the Government, Nick Reilly, Vauxhall's chairman and managing director, said Vauxhall's American parent, General Motors, would reconsider investment in the UK if joining the European Monetary Union was postponed for many years.

'General Motors sees the UK as part of Europe. That's part of the strength of the UK, that's part of the attraction of the UK, and I think that if there was any indication we weren't going to get into EMU sooner rather than later then that would affect future investment decisions,' he said.

'We are much stronger if we're seen to be a major player and part of the mainstream Europe. We have said we will go into Europe when it's right. Personally I think the sooner the better because investors looking at Europe from the outside will see Britain as very much outside Europe if we're not in the EMU.'

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