Brexit Shockwaves Hit British Jobs, Banks, Automobiles

Shockwaves from Britain's vote to leave the European Union rocked the economy on Thursday, with thousands of jobs lost at one of the country's biggest banks, big extra costs for Ford, and consumer confidence plunging.

Preparing for a Brexit-related slowdown, Lloyds Banking Group (LLOY.L) said it would cut a further 3,000 jobs. One of Britain's biggest car dealerships, Inchcape, predicted growth in new car registrations would fall.

Ford (F.N) Chief Financial Officer Bob Shanks said a weaker British pound following the June 23 Brexit vote had cost the company about $60 million in the second quarter.

The 2016 impact of Brexit on Ford, which has 30 percent of its European sales in Britain, was expected to be $200 million, and each year until Britain leaves the EU would cost it $400 million to $500 million. Speaking in Detroit, Shanks said all options were on the table for cost cuts in Europe, although Ford was not ready to announce any plant shutdowns.

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http://www.reuters.com/article/us-britain-eu-economy-idUSKCN1072TV