UK car manufacturing output reaches 16-month high

Invoice finance is used by manufacturers to cater for increasingly late payments from debtors

The UK’s car manufacturing industry has seen positive growth at the start of 2012, reaching its highest production figures since September 2010, a report by the Society of Motor Manufactures and Traders (SMMT) has shown.

In total, a month-on-month growth of 15.6% was recorded for January, which will fit nicely in line with the coalition government’s wishes for the sector to become a bigger source of revenue in uncertain times.

The SMMT’s Chief Executive, Paul Everitt, heralded the latest figures, “UK car production continues to drive manufacturing growth and a rebalancing of the economy”.

He continued, “It is essential government and industry continue the successful partnership that has helped deliver new investment and supply chain opportunities to secure long-term prosperity and jobs.”

With £4 billion worth of future projects having already been committed to, the UK’s automotive sector seems to be building up welcome momentum, which, together with further positivity across other areas of manufacturing, could provide the real boost the UK economy has so desperately been searching for.