UK car manufacturing hits highest August level in 14 years
The UK made 109,004 cars in August, an increase of 9.1% YoY and the highest total for that month in 14 years, according to the Society of Motor Manufacturers and Traders (SMMT). There was a 10.2% increase in vehicle exports, with the increase in demand possibly due to the fall of the pound since the EU referendum. The number of cars built for sale abroad was 13.3% higher in the year to date, with a 6.2% rise in cars destined for the UK market.
Industry figures suggest the UK's car industry has shrugged off the country's vote to leave the EU, with rising export and domestic demand forcing production higher.

The Society of Motor Manufacturers and Traders (SMMT) said 109,004 cars were built last month - a rise of 9.1% compared to a year earlier and the highest August total in 14 years.

The body pointed to a 10.2% increase in vehicle exports, with the jump in demand possibly signalling a boost from the collapse in the value of the pound since the referendum result.

A weaker pound makes UK-produced goods cheaper for overseas buyers, though the SMMT said the total number of cars built for sale abroad was 13.3% up in the year to date.

The SMMT also reported a 6.2% lift in the number of cars for the UK market.

Chief executive Mike Hawes, said: "August's strong performance is good news for car makers and welcome news for the UK economy, which depends on this thriving sector for an increasing share of UK exports.

"British car producers are exporting a diverse range of high quality, attractive new models that are in demand across the world thanks to multi-billion pound investments made in UK plants over the past few years.

"Future success depends on continued investment in plant and products, and that in turn depends on the UK maintaining internationally competitive business and trading conditions."

The most recent economic data suggests the UK is on course to avoid recession despite a wobble in July - blamed on shock following the referendum result.

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It is hoped that manufacturing exporters can be among the winners in the period of uncertainty ahead - thanks to the weaker pound.

Nevertheless, in its most recent economic forecast the OECD predicted that a slump in world trade - mostly a consequence of China's slowdown and bid to become a more consumer-led economy - risked damaging prosperity.