British car sales slide 22 pct in February: trade data
British new car sales dived by almost 22 percent in February as the recession sapped demand, trade data showed Thursday.
By Agencies |
LONDON: British new car sales dived by almost 22 percent in February as the recession sapped demand, trade data showed Thursday.
Industry body the Society of Motor Manufaturers and Traders (SMMT) said in a statement that 54,359 new cars were registered in February. That marked a decline of 21.9 percent compared with the same month a year earlier.
"New car registrations continue to decline and although government recognises the strategic importance of the UK motor industry, urgent action is still needed," said SMMT chief Paul Everitt in a statement.
"Other European countries have been proactive in assisting their automotive industries and it is imperative that UK government increases the pace in responding to industry proposals for a scrappage scheme and access to finance and credit."
The news came hours before the Bank of England was predicted to cut British interest rates by half a percentage point to a new record low of 0.50 percent.
The central bank was also expected to embark on a policy of quantitative easing -- effectively printing more money -- in a bid to stimulate the struggling economy. A announcement was due at 1200 GMT.
Industry body the Society of Motor Manufaturers and Traders (SMMT) said in a statement that 54,359 new cars were registered in February. That marked a decline of 21.9 percent compared with the same month a year earlier.
"New car registrations continue to decline and although government recognises the strategic importance of the UK motor industry, urgent action is still needed," said SMMT chief Paul Everitt in a statement.
"Other European countries have been proactive in assisting their automotive industries and it is imperative that UK government increases the pace in responding to industry proposals for a scrappage scheme and access to finance and credit."
The news came hours before the Bank of England was predicted to cut British interest rates by half a percentage point to a new record low of 0.50 percent.
The central bank was also expected to embark on a policy of quantitative easing -- effectively printing more money -- in a bid to stimulate the struggling economy. A announcement was due at 1200 GMT.
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