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| UK new car sales in sharp decline | UK new car sales in sharp decline |
| (10 minutes later) | |
| Sales of new cars in the UK fell in October at their fastest rate for 17 years, industry figures have shown. | |
| Figures from the Society of Motor Manufacturers and Traders (SMMT) showed new car sales of 128,352 - a drop of 23% compared with a year ago. | Figures from the Society of Motor Manufacturers and Traders (SMMT) showed new car sales of 128,352 - a drop of 23% compared with a year ago. |
| Car sales, an indicator of economic confidence, have been falling victim to the wider downturn. | Car sales, an indicator of economic confidence, have been falling victim to the wider downturn. |
| SMMT figures show 1.92 million new cars have been sold so far this year, down 8.7% on the same period in 2007. | SMMT figures show 1.92 million new cars have been sold so far this year, down 8.7% on the same period in 2007. |
| "Clearly when we hit this kind of downturn we have a rollout effect," said Paul Everitt from the SMMT. | "Clearly when we hit this kind of downturn we have a rollout effect," said Paul Everitt from the SMMT. |
| "Demand reducing in the showrooms ultimately feeds through to the productions facilities and then to the supply chain supporting these facilities. | "Demand reducing in the showrooms ultimately feeds through to the productions facilities and then to the supply chain supporting these facilities. |
| "So there are going to be hundreds of thousands of companies who will be having to cope with a very difficult set of circumstances." | "So there are going to be hundreds of thousands of companies who will be having to cope with a very difficult set of circumstances." |
| Buying delayed | Buying delayed |
| The sales fall is the worst decline since a 31% year-on-year drop in June 1991, and means new car registrations have fallen in all but two months of 2008. | The sales fall is the worst decline since a 31% year-on-year drop in June 1991, and means new car registrations have fallen in all but two months of 2008. |
| The SMMT has previously said that it believes the market may not stabilise before the third quarter of next year. | The SMMT has previously said that it believes the market may not stabilise before the third quarter of next year. |
| Speaking before the October figures were released, Jaguar Land Rover chief executive David Smith said people were putting off buying decisions until they had "more confidence about which way the economy is going". | Speaking before the October figures were released, Jaguar Land Rover chief executive David Smith said people were putting off buying decisions until they had "more confidence about which way the economy is going". |