020 7898 05002017 has not been kind to the UK car industry as sales have been steadily declining since April. There was a 9% decline in September and the trend continued in October, as figures released yesterday showed that they fell 12.2% year-on-year. This is now the seventh month in a row that sales have fallen and could be a sign of waning consumer confidence and a weakening UK economy.
The impacts of Brexit are a particular cause for concern, not least because the manufacturing of cars often relies on them being transported from the UK to Europe and back again several times. The majority of new car purchases are said to be bought on credit, so the Bank of England’s interest rate rise last week won’t help matters either. Still, sterling climbed against the euro and US dollar.
Today we have the Halifax house price index on a month-by-month and year-on-year basis. They are expected to grow by 0.3% on a monthly basis and 4.2% on an annual basis.
