‘We value the decision by the Bank of England to hold interest rates at 0.5 per cent, it is now up to the Government to recognise the fragility of the economy, and strengthen consumer confidence with the emergency Budget in two weeks time. Consumer confidence is essential to providing much needed stability to the UK economy’ said Sue Robinson, Director of the Retail Motor Industry Federation (RMI).

The RMI would like to see the low interest rate translate into cheaper, more affordable loans, to ensure consumers looking to buy ‘big ticket’ purchases are able to do so at affordable prices.

Robinson continues: ‘this is good news for car dealers across the UK, with continued growth in the new car market in May, hopefully the decision to hold interest rates will further stimulate UK car sales.’