Car Production on the rise in the UK
Car production is at the highest level in the United Kingdom since pre crash rates in 2007 and the numbers are still growing...
Great Britain has officially turned around its drop in car production as the latest figures show numbers are higher than they were before the crash in 2007. In fact, a recent study revealed there have been 8,720,000 new cars registered in the UK in the first quarter of 2015, which is one of the most significant numbers in a decade.
David Cameron has recently said that "Nissan in the north-east is now producing more cars than the whole of the Italian car industry" which may come as a surprise to many who thought Britain no longer produced anything for itself.
UK Standing Much Stronger On Her Own
The UK is a major centre for manufacturers such as Jaguar Land Rover, Aston Martin, BMW, Nissan, Lotus, Honda, Toyota and General Motors and in 2009, the UK accounted for 14% of all new cars registered in the EU. This figure rose to 20% in 2013 and all indications point to this number increasing at a steady rate, putting the UK in a much more favourable position in the ongoing EU debate.
Increasing production numbers is not only a good thing for the car industry but it's also a positive step forward for unemployment figures as domestic demand increases and more jobs are created to keep up. Confidence in the economy has been somewhat boosted too which only goes to further drive the demand for new and better cars.
Transport Secretary Patrick McLoughlin said: "These fantastic results show that our long-term economic plan is working, getting the economy growing and boosting people's spending power. Labour's great recession made everyone poorer but we are clearing up the mess they left behind" Adding "It's good news for hard working people and good news for the car industry which is creating jobs and supporting growth."
Driving the UK to Motoring Monopoly
The Financial Times has recently predicted the UK will exceed its historic peak level of vehicle production which was achieved in 1972. The predicted production numbers are 1,864,000 units for 2015 and 1,993,000 units for 2016 compared to the 1,090,000 produced in 2009. These record breaking numbers can only lead to economic growth, financial stability and job creation if the FT are right in their predictions.
It certainly seems as though the UK is on the cusp of a financial turnaround with the motor industry at the forefront of the charge. All that's left to be seen is how far the ripples of this success will spread.