THE move over the future of the Swindon Honda plant is based on global trends and not Brexit, an MP has claimed.

Justin Tomlinson, the Swindon North MP, said Honda's decision to consolidate European market production in Japan was not as a result of Brexit as reports emerged of the potential closure plans for the plant which employs 3,500.

Mr Tomlinson tweeted that "they are clear this is based on global trends and not Brexit as all European market production will consolidate in Japan in 2021.

"Working with Honda, Gov (led by the Business Secretary), staff and Unions there will be a taskforce set up to provide support for all staff (as we did when jobs were lost previously at Honda).

The Herald:

"Honda will be consulting with all staff and there is not expected to be any job losses, or changes in production until 2021."

READ MORE: Honda planning to close Swindon plant with loss of 3,500 jobs, unconfirmed reports claim

Mr Tomlinson also told the BBC: "We've got a couple of years.

"The Government will rightly be leading a taskforce ... to work with the unions, the staff and potential employers.

"We've had ups and downs with Honda employment in the past.

"This is a huge, huge blow to our local economy but we will be doing everything we can over the next two years."

The Japanese company declined to comment on the claims but it is expected an announcement will be made on Tuesday.

Convenience store retailer McColl's has reported a sharp drop in profits.

McColl's said the loss of supply to 700 of its stores by the administration of Palmer & Harvey in November 2017 "created major disruption" and forced it to accelerate its new supply deal with Morrisons.

"Moving to a new wholesale supply partner, at a much faster pace than anticipated, created its own challenges and severely disrupted our plans for the launch of Safeway," the company said.

For the financial year ended November 25, pre-tax profit declined to £7.9 million from £18.4m the year earlier, while like-for-like sales fell 1.4 per cent.

Total revenue, however, increased 8.1% to £1.24 billion, thanks to the acquisition of nearly 300 convenience stores in 2017.

READ MORE: Scots food and drink producers target exports in Dubai

Shares rose 9.5% to 55.4p after the company said like-for-like sales have recovered in the new year and were up 1.2% in the 11 weeks ended February 10.

Total sales also increased 0.4%.

Reckitt Benckiser has reported rising full-year sales and profits, despite the Vanish and Dettol owner flagging "challenging market conditions".

The firm reported a 10 per cent rise in full-year revenue to £12.6 billion in 2018, while operating profit rose 11% to £3bn.

Pre-tax profit rose from £2.5bn to £2.72bn.

Pro forma like-for-like sales in 2018 were up 3% while, in the fourth quarter, net revenue was up 2% at £3.4bn and like-for-like sales rose 4%.

Reckitt said last year that it expects growth in baby formula sales to slow due to declining birth rates in China.

It also saw third-quarter sales affected by a £70 million hit from problems at its European baby formula factory.