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Latest interest rate freeze disappoints motor industry

Today's decision by the Bank of England to leave interest rates unchanged at 6% for the 10th month in a row has been given a cool reception by the motor industry.

A spokesman for the Society of Motor Manufacturers and Traders said: "Car makers would have been happy with a slight lowering of interest rates because of the present high cost of borrowing and the strength of the pound against the euro.

"Such a move would have provided manufacturers such as Toyota and Nissan, which have complained about the high value of the pound and the pressure it places on them to source components from abroad, some relief."

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