Sunday, 25 March 2018

New car sales 'to fall 5.5% in 2018' amid slowdown in consumer spending

Car sales in Britain are set to slide this year amid a slowdown in consumer spending, a report has claimed.

Ratings agency Moody's said new car registrations were likely to fall 5.5% in 2018, making the UK the "worst performing" market of any big European economy.

By contrast, it said Germany, Spain, France and Italy would all see gains.

Moody's said the fall in the value of the pound since the EU referendum had made imported cars more expensive.

It also said Brexit-related uncertainty was "weighing on consumer spending decisions".
According to UK industry body the SMMT, there were a record 2.7 million new car registrations in the UK in 2016 - the fifth year in succession that the market had grown.

But in 2017 they fell 5.7% as consumers began to shun polluting diesel vehicles and avoid big ticket purchases.

BBC        News.

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