Car production declines by 6.3%

Car production slowed last month, dipping 6.3% on the March 2012 figure.

There were a total of 126,909 cars made in the UK in March 2013, the Society of Motor Manufacturers and Traders (SMMT) said.%VIRTUAL-SkimlinksPromo%
Commercial vehicle (CV) production was also down last month - falling 18.7% to 8,027, while engine production fell 6% to 220,032.

Car production for the year so far is 2% down on the total for the first three months of 2012, while CV production is down 18.8% and engine production has slipped 5%.
SMMT interim chief executive Mike Baunton said the 2% car production fall had come as "UK vehicle manufacturers continue to grapple with weak demand in Europe".

He went on: "Other factors such as extended facility holidays during the Easter period may have also impacted production volumes in March.

"Despite ongoing difficult market conditions, UK automotive manufacturing is expected to grow overall in 2013 and beyond, fuelled by significant investment from global automotive companies."

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Car production declines by 6.3%

Figures from charity Age UK show that 29% of those over 60 feel uncertain or negative about their current financial situation - with millions facing poverty and hardship.

Even though saving for retirement is not much fun, the message is therefore that having to rely on dwindling state benefits in retirement is even less so.

To avoid ending up in this situation, adviser Hargreaves Lansdown recommends saving a proportion of your salary equal to half your age at the time of starting a pension.

In other words, if you are 30 when you start a pension, you should put in 15% throughout your working life. If you start at 24, saving 12% of your salary a year should produce a similar return.

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