Recession hits commercial vehicle registrations hard in February
The ongoing recession in the UK is leading to sharp falls in the registrations of commercial vehicles, the Society of Motor Manufacturers and Traders has stated.
Publishing research into the number of commercial vehicles registered in February, the SMMT yesterday (March 5th) highlighted a 51 per cent decline in registrations.
In particular, month-on-month truck registrations fell 42 per cent, whereas similar van registrations fell a whopping 58 per cent.
Year-on-year comparisons show a 17 per cent decline in total commercial vehicle registrations.
With the Bank of England yesterday dropping the base rate to just 0.5 per cent there may be a slight slowdown in the fall of registrations noted in the coming month, as credit becomes cheaper, but at present the figures paint a dire picture for the market.
The UK commercial vehicle business is under intense pressure with the slump in UK demand for vans, and now trucks, a big issue for the UK economy," said SMMT chief executive Paul Everitt.
"These are unique circumstances in which the government must help. We need direct, positive action to give people the confidence to buy now."
