The Bank of England (BoE) has confirmed that interest rates will stay unchanged at 5.25%.
Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), representing car and commercial retailers across the UK commented:
“As was expected, the Bank of England has kept interest rates at 5.25% for a fifth straight month. It is however, reassuring that the economy appears to be stabilising with the latest data showing that UK inflation is now at 3.4%*, its lowest level in almost two and a half years.
“Despite recent high inflation challenges, the automotive sector has shown resilience in navigating through these difficulties. Consumers have felt the strain, particularly with vehicle purchases, however, there is optimism in the coming months for further decreases in inflation leading to the possibility of the BoE initiating interest rate cuts.”
