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New car sales decline again
New car sales in the UK fell by more than 20% last month, according to figures published by the Society of Motor Manufacturers and Traders.
This was the fifth consecutive month of declining business, with sales down 21.2% in September.
The organisation claims that car sales are falling due to poor consumer confidence, the credit crunch and escalating fuel costs.
"The key issue is that consumer confidence is very low", said Andrew Stoneman, managing partner at business advisory group MCR.
"The government needs to address the real economy as well as the financial system and restore consumer confidence and demand."
The automotive industry is one of the largest in the UK, and there are fears that the current downturn could lead to the collapse of numerous companies that are directly and indirectly linked to the industry.
Post Date: October 9th, 2008
This was the fifth consecutive month of declining business, with sales down 21.2% in September.
The organisation claims that car sales are falling due to poor consumer confidence, the credit crunch and escalating fuel costs.
"The key issue is that consumer confidence is very low", said Andrew Stoneman, managing partner at business advisory group MCR.
"The government needs to address the real economy as well as the financial system and restore consumer confidence and demand."
The automotive industry is one of the largest in the UK, and there are fears that the current downturn could lead to the collapse of numerous companies that are directly and indirectly linked to the industry.
Post Date: October 9th, 2008
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