First Greece — then Ireland, Italy, Spain and Portugal: The European common currency has come under pressure from large national debts and the effects of the global financial crisis, ultimately requiring a rescue package close to a trillion euros.
However, foreign demand drove British car production to the highest level for a month of May since 2004.
The number of cars built in the UK last month increased by more than 40% over the same time last year to the highest May total since 2004, new figures showed. The Society of Motor Manufacturers & Traders (SMMT) yesterday said 141,146 cars were built in May – with some 120,120 of the motors constructed last month were destined for overseas markets.
In the year to date, car production has increased by 17.3 per cent to 636,923 vehicles.
In a speech on Tuesday, Vince Cable the Business Secretary, said the success of the automotive industry “offer a model we want to replicate in other industries and sectors”.
Commercial vehicle production fell 7.4pc in May to 9,445 vehicles, while engine production rose 13.4pc to 242,937.
A total of £5.5bn has been invested in the UK’s automotive sector in the past 18 months.