Industry body the Society of Motor Manufacturers and Traders (SMMT) said the rise maintained the trend of strong export-led growth in the industry. "The UK automotive sector continues to attract investment and generate new jobs," said SMMT chief Paul Everitt. The largely foreign-owned car industry has been one of the bright spots of the British economy, with carmakers Nissan and Jaguar Land Rover both announcing the creation of new jobs in recent weeks. However, Europe-wide excess output is hurting profits, and the region's carmakers want leaders to accept that they will need to close plants in order to compete. Everitt urged Finance Minister George Osborne to boost Britain's competitiveness by encouraging private sector investment when he delivers his budget on March 21. Britain's unemployment rate is at a 16-year-high, putting pressure on the government to introduce growth-boosting policies while eliminating a yawning budget deficit.