“The highly expected decision of the Bank of England to raise interest rates from their record low of 0.25% to 0.5% is likely to have only a small impact on consumers and affect car buyers only marginally”, said Sue Robinson, Director of the National Franchised Dealers Association (NFDA) which represents franchised car and commercial vehicle retailers across the UK.
The Bank of England (BoE) has announced today the decision to raise interest rates from their record low of 0.25% to 0.5%, it is the first rise in more than a decade.
Last week, official figures from the Office for National Statistics (ONS) showed that UK Gross Domestic product (GDP) grew by 0.4 per cent in the third quarter of 2017. This was stronger than the 0.3 per cent growth in the second quarter but below the 0.6 per cent growth in the EU.
Robinson continued, “Interest rates remain incredibly low and, combined with record low unemployment rates, we hope will continue to support consumer confidence.
“It is important that Government monitors closely the UK economy as we undergo a phase of political and economic uncertainty.”
NOTES TO EDITORS
Gabriele Severini, NFDA Communications Officer
Tel: 020 7307 3423
Mob: 07880 039897
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406
Web: www.rmif.co.uk Email: firstname.lastname@example.org
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.