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Last week the Bank of England decided almost unanimously to keep interest rates at their value of 0.5 per cent. Rates have remained at this level, which represents a record low, for over seven years.
Considering that 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, we are pleased to see that they have been held and we feel confident that this decision will continue to have a positive impact on the industry. Low interest rates will continue to boost consumers’ confidence to buy cars as a result.
We are hopeful and optimistic that on the back of this the UK car market will continue to perform well and make its contribution to the national economy.