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In a boost to the UK economy, Britain’s car industry has posted its best November output since 2020.
UK car production grew by 14.8% in November with 91,923 cars leaving factory gates, the Society of Motor Manufacturers and Traders reports.
Production for both the home and overseas markets increased, up 13.4% and 15.2% respectively. 22,919 cars stayed in the UK though, as always, exports drove volumes.
Export growth was driven mainly by the EU, China and Turkey, although Europe received by far the bulk (60.8%) of all shipments, reinforcing the need for tariff-free electrified vehicle trade across the Channel.
“There’s a reasonable chance that if we stick to the course we’re on, we’re able to bring down inflation, the Bank of England might decide they can start to reduce interest rates.
That probably is the moment when people will begin to have more confidence about their own personal prospects and the prospects of their family.”
