“It is reassuring to see that interest rates will remain at 0.5 per cent”, 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 at their current value.
The Bank of England decided almost unanimously to keep interest rates at 0.5%. Rates have remained at this level, which represents a record low, for over seven years.
Robinson continued, “Low interest rates have been one of the key reasons for the car market’s success in 2015 and in the first quarter of 2016, and we are pleased to see that this decision will continue to have a positive impact on the industry.
“We feel confident that on the back of this the UK car market will remain strong and continue to make its contribution to the national economy.
“Low interest rates will continue to boost consumers’ confidence to buy cars.”
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.