Don't care whether the sun's shining or not, it's a beautiful day.

GM has decided to retain its European car-building arm, which of course means Vauxhall. To my mind, this is by far the best outcome for the company.

Potential ownership by Magna and co always reminded me of the Phoenix Four years at Rover - something we had to welcome because it was the only option going, but about which it was possible to have deep private doubts.

Of course, GM Europe is likely to come out of this thing greatly changed. I'd bet quite a few jobs, and maybe the Luton van operation were still under serious threat in the UK.

But the critical link between US and Europe (on which Ford for one is basing much future global business) is now preserved. Good sense has prevailed, for once, and it's very welcome.

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