“It is positive to see that the Bank of England has decided to hold interest rates at their record low of 0.25% marking a quiet end after a turbulent year for the UK economy”, said Sue Robinson, Director of the National Franchised Dealers Association (NFDA) representing franchised car and commercial vehicle retailers across the UK.
The Bank of England (BoE) announced today the decision to hold interest rates at their record low of 0.25%. Interest rates were cut from 0.50% to 0.25% in August, since then, they have been unchanged.
Robinson continued, “With this decision, the Bank of England protects the interests of our industry as low interest rates, combined with record low unemployment levels, will continue to support consumer confidence to commit to large purchases including cars.
“Overall, the UK economy has proved its resilience during the turmoil following the decision to leave the EU, with the automotive sector remaining on record levels.
“It is vital that the Government continues to monitor the UK economy closely and takes all necessary measures to ensure cost increases will not have a big impact on consumer spending.”