Ford's four day week is evidence of the credit crunch hitting home- Bowles

12.50.00pm BST (GMT +0100) Mon 6th Oct 2008

Following the copious reports last week that the credit crunch is having a wide ranging impact on local economies, Sharon joined Romsey MP Sandra Gidley, to visit Southampton's Ford transit van plant which has been forced to turn to a four day week.

Commenting Sharon said:

"The news that the Ford transit van plant is being forced to turn to a four day week is another sad indicator of the seriousness of the current financial situation. It seems that very few industries are being left untouched.

"Manufacturing had record falls in orders last month while the motor industry is experiencing its worst crisis for thirty years. These kinds of figures are all too frequently being thrown around, but it is not until it impacts at the heart of the community, as it has done in Southampton, that the impact is truly felt.

"I am working with the Economic and Monetary Affairs committee in the European Parliament to curb the effects of the credit crunch. As I hear more sombre stories from businesses and individuals across my constituency, it compounds the importance of our work and highlights the importance to secure a cooperative and effective approach."