RMI: interest rate rise “cause for concern in retail motor sector”

”The Bank of England's 0.25% increase in interest rates will be a cause for concern in retail motor sector businesses across the country,'” says Matthew Carrington, chief executive of the Retail Motor Industry Federation (RMI).

He continues: “Even small base rate rises will increase costs for many businesses operating in the industry at a time when margins are very thin. This is going to add to the burdens of companies struggling to survive.It is important that interest rate rises are kept to an absolute minimum to allow business to prosper. However, it is in the long term best interests of the motor industry that we have a healthy economy, and to do this inflation has to be controlled.”