The surprise decision by the Bank of England’s Monetary Policy
Committee on October 8 to cut interest rates by 50 basis points to
4.5 per cent was welcomed by the head of the body representing UK
motor retailers.
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“The Bank of England’s decision to cut the interest rate is
positive news for the economy, and will hopefully help rebuild
consumer confidence,” said Sue Robinson, director of the Retail
Motor Industry Federation’s National Franchised Dealers
Association.
Robinson added: “Consumers desperately needed this long-awaited
move, along with other bank support measures put in place by
government this morning. All these moves should help to instil
consumer confidence and will also help businesses at this difficult
time.”
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By GlobalData
