“It is positive to see that the Bank of England has decided to hold interest rates at 0.5% as a sign of confidence in the post-Brexit UK economy,” said Sue Robinson, Director of the National Franchised Dealers Association, which represents commercial vehicle and franchised car retailers across the UK, commenting on the decision of the Bank of England to hold interest rates.
The Bank of England has held interest rates at an all-time low of 0.5% since 2009. The Monetary Policy Committee voted 8-1 to leave rates unchanged, however this does not rule out further economic measures at a later stage if the Bank of England determines the economy requires stimulation to ride out any impact that Brexit might have.
Robinson continued, “Low interest rates have been one of the driving forces behind the automotive industry success over the past few years as they have been supporting consumers’ confidence to commit to big purchases, such as cars, ensuring affordable vehicle finance offers for drivers.
“We are pleased to see that with this decision members of the committee expect the economy to regain stability after the Brexit vote turmoil. However, we urge the Bank of England and the UK government to keep monitoring closely the economic outlook and continue to do all they can to ensure financial stability.”
NOTES TO EDITORS:
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.