The Bank of England (BoE) has confirmed that interest rates will rise by 0.5%, from 4.5% to 5%, the thirteenth consecutive rise since December 2021.
Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA) which represents car and commercial retailers across the UK commented:
"The soaring inflation rates we are witnessing are exerting added pressure on consumers, particularly when it comes to purchasing vehicles. Across the country, prospective buyers are confronted with steeper prices, diminishing their purchasing power. However, it is vital that Government continues to take these necessary actions to stabilise inflation.
"The automotive sector is robust and continues to overcome the unprecedented challenges it faces. Private mobility is a necessity to many, and franchised dealers continue to serve the customer’s best interest, offering flexible finance options to support their spending budgets and helping to navigate through the financial instability."
NOTES TO EDITORS -
Adam Weeks, NFDA Communications Officer
Direct: 020 7307 3413
Mobile: 0788 003 9897