Fresh figures from the Society of
Motor Manufacturers and
Traders indicate that
new car registrations in the UK slumped by over 20 per cent at
the end of last year. The pressure is now on the government to come
up with a solution or aid package to get the
car manufacturing industry back on track.
Car finance is also a damaged market, with
lending severely restricted the
finance arms of many
vehicle manufacturers unable to operate. The decline in
new car sales continues to be extreme, month on month.
The chief executive of the
SMMT, Paul Everitt, reportedly commented: The measures
taken by Government to support the
banking sector and kick-start demand have been necessary, but
are not yet sufficient to restore confidence. Further action to
ease access to finance and
credit across the economy is essential if long-term damage to
valuable industrial capability is to be avoided.
