LONDON: Annual car production is expected to pass two million by 2020 breaking the previous high of 1.92 million set in 1972.
More than 1.5 million cars were built in the UK last year and the UK is expected to consolidate its position as the third-largest maker of cars in Europe behind Germany and Spain – over the next five years.
The report by the Society of Motor Manufacturers and Traders also predicted a rise in employment, with up to 9,500 jobs created by car manufacturers, which could generate an extra 28,000 jobs in UK supply companies.
THE world’s two largest beer giants have agreed “in principle” to a £68billion megamerger after SABMiller accepted an increased offer from Budweiser maker Anheuser-Busch InBev.
Peroni and Grolsch firm SABMiller said its board was prepared to back a £44-a-share proposal from its Belgium-based rival in what marks the largest takeover of a British firm in corporate history.
THE privatised water companies have picked up an unexpected windfall of at least £800million, the Whitehall spending watchdog has said.
The National Audit Office (NAO) said water firms in England and Wales had gained from tax cuts and lower-than-expected borrowing charges over the past five years.
However, customers did not see benefits as the regulatory regime failed to “balance the risks between companies and consumers”, the NAO said.
The NAO estimated that between 2010 and 2015, the firms gained £410million from reduced corporation tax rates and £840million from lower-than-forecast rates of interest.
