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The Bank of England (BoE) has held interest rates at their record low of 0.25%. Interest rates were cut from 0.50% to 0.25% in August, since then, they have been unchanged.
With this decision, the Bank of England protects the interests of our industry as low interest rates, combined with record low unemployment levels, will continue to support consumer confidence to commit to large purchases including cars. Overall, the UK economy has proved its resilience during the turmoil following the decision to leave the EU, with the automotive sector remaining on record levels.
It is vital that the Government continues to monitor the UK economy closely and takes all necessary measures to ensure cost increases will not have a big impact on consumer spending.