British Car Industry Hits The Skids - Just British
The number of cars built in Britain slumped 60% last month as manufacturers slammed the brakes on output. Just 65,647 cars and vans rolled off production lines compared with nearly 110,000 in February 2008, according to the Society of Motor Manufacturers and Traders (SMMT). This is the biggest fall since 1970 and the fifth month in a row that output levels have been in reverse. The grim figures were released 24 hours after the industry scrapped the British International Motor Show due to take place in London next year. SMMT chief Paul Everitt said canceling the show was a tough decision but stressed it would be revived in future. “The global credit crunch has placed the industry under unique pressure and created a level of uncertainty that deters manufacturers from committing to large-scale international events.” In January, Business Secretary Lord [...]