marshall

Sales of new cars in the UK fell by nearly 10 percent in July, marking the industry’s fourth month of decline in a row.

New car registrations fell by 9.3 percent last month, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

The SMMT said the market was increasingly hit by “growing uncertainty” over the plans for Brexit. New regulations on exporting vehicles that may come into force after Britain leaves the EU is likely to have a severe effect on carmakers in the UK.

Just under 162,000 vehicles were sold last month. So far this year, 1.56 million cars have been sold, down 2.2 percent from a year earlier.

Mike Hawes, SMMT chief executive, said: “The fall in consumer and business confidence is having a knock on effect on demand in the new car market and government must act quickly to provide concrete plans regarding Brexit.

“While it’s encouraging to see record achievements for alternatively fuelled vehicles, consumers considering other fuel types will have undoubtedly been affected by the uncertainty surrounding the government’s clean air plans.”

Previous articleDFS shares jump on Sofology takeover deal
Next articleHousebuilder shares sink as government reviews help-to-buy programme
Miranda is the online editor of UK Investor Magazine. Her interests include private equity, crowdfunding, peer-to-peer lending, gender equality and coffee.