The Bank of England (BoE) has confirmed that interest rates will remain at 5.25%.

Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), which represents car and commercial retailers across the UK commented:

“The Bank of England has kept interest rates the same following fourteen consecutive rises since December 2021. As inflation fell to 6.7% in August, it proves that these increases were effective and were a necessary action to stabilise the economy.

“Franchised dealers, the customer facing side of the industry, continue to offer flexible payment schemes and competitive price points so that they can cater for consumer's spending budgets whilst interest rates remain high. The car market continues to perform strongly, with the basic need for private mobility and freedom to transport ever present.”

ENDS -

NOTES TO EDITORS -

Adam Weeks, NFDA Communications Officer

Direct: 020 7307 3413

Mobile: 0788 003 9897

Email: adam.weeks@rmif.co.uk