Last month saw the worst car production performance since 1984, as manufacturers struggle with a shortage in semiconductors.
According to the Society of Motor Manufacturers and Traders (SMMT) latest figures, November saw a decrease in output of 28.7% to 75,756 units. This is the fifth consecutive month in decline.
Mike Hawes (chief executive of SMMT) described the figures as “incredibly concerning”.
Despite the overall decline in production, electric vehicle production is still on the rise, accounting for about a third of total production during the month.
The Pound reaches a one-month record as traders wager on an interest rate rise
Sterling rallied to the highest level in nearly a month, as traders increase their bets on another Bank of England interest rate rise.
The pound rose 0.3% against the dollar to reach $1.3388, its highest level since Nov 24, 2009. It’s now at 84.6p, down 0.3pc against the euro.
This comes as traders increased their expectations of more rate increases and predicted that the base rate would reach 1.25 % by 2022.
A flotilla of US gas cargo ships set sail for Europe.
A flotilla liquefied natural gases cargo ships have been dispatched from the US to help Europe as the energy crisis continues.
The UK and European gas prices reached an all-time high due to a severe winter shortage and limited relief from Russian supplies.
A fleet of container ships was sent from the US to fuel-starved Africa as a result.
According to Bloomberg shipping data, 10 tankers with 1.6m cubic metres of heating and power plant fuel were among the 76 in transit.
Another 20 tankers with an estimated 3.3m cube meters of cargo appear to be crossing the Atlantic Ocean and maybe heading towards the continent.
FTSE 100 edges higher
After new data showing that the omicron variant of the omicron was significantly less fatal than the delta, the FTSE 100 is now higher at the open.
The blue-chip index climbed 0.1% to 7,349 points.
