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No change to interest rates

The Bank of England has kept interest rates at 0.5%.

The Retail Motor Industry (RMI) said the hold on interest rates will go some way to counterbalance the rise in taxes that came into play in April, helping to increase consumers’ disposable income and in turn increase spending in the retail market.

Sue Robinson, director of RMI National Franchised Dealer Association (NFDA), said: “A hold on the current interest rate will help consumers by allowing them to continue to benefit from reduced mortgage rates and finance commitments.

"This in turn should allow them to retain a reasonable level of disposable income to consider larger purchases such as a new car.”

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