New car sales in the UK fell for a fourth month running in July, new figures from the Society of Motor Manufacturers and Traders (SMMT) show. Sales fell 9.3% last month to 161,997 new cars as consumers and businesses grew increasingly reluctant to commit to major spending decisions.
Commenting, Chris Bryant MP, leading supporter of Open Britain, said:
“Our economy is slipping into reverse gear due to the uncertainty caused by the Brexit vote. This further fall in new car registrations is clearly an indication of weakening consumer demand.
“People need confidence about the state of the economy if they are to make major purchases. So we need much more clarity from the Government on their plans, and less infighting, especially on transitional arrangements and immigration.
“Leaving the Single Market will further hit people trying to buy a car, as imported cars could face a whopping 10% increase in prices due to new tariffs. To keep prices down and build confidence in the economy, the Government needs to put Single Market and Customs Union membership back on the table.”