Every merger is underpinned by a promise for cost-cutting, which comes against political resistance. In the case of the Fiat Chrysler merger with PSA, the emerging conglomerate will have French, Italian, and Chinese industrial policy considerations to take on board. British concerns will not be a top priority.

This development is raising concerns for Vauxhall, owned by PSA, which employs 3,000 people in the UK.

The new conglomerate will own household brands like Peugeot, Citroen (France), ...

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