Thursday, June 07, 2007
Dealers welcome Bank's interest rate hold
THE BANK of England decision to hold the interest rate today met with approval of motor dealers.
"The Bank of England has made the right choice," said Sue Robinson, director of the RMI National Franchised Dealers Association.
"This will allow previous interest rate rises to feed through the economy. Interest rates have been put up four times since August 2006.
"Consumers face rising costs following previous interest rate rises, above-inflation rises in household costs, including council tax bills, as well as the need to pay off debt. All of these costs are impacting on consumer spending, which has a knock-on effect on business,'said Robinson.
"By allowing a period of reflection to measure the impact of these rises on the economy, the Bank of England is giving consumer confidence the chance to recover."
The rate was increased last month to 5.5%
DATED: 07.06.07
FEED: AW
"The Bank of England has made the right choice," said Sue Robinson, director of the RMI National Franchised Dealers Association.
"This will allow previous interest rate rises to feed through the economy. Interest rates have been put up four times since August 2006.
"Consumers face rising costs following previous interest rate rises, above-inflation rises in household costs, including council tax bills, as well as the need to pay off debt. All of these costs are impacting on consumer spending, which has a knock-on effect on business,'said Robinson.
"By allowing a period of reflection to measure the impact of these rises on the economy, the Bank of England is giving consumer confidence the chance to recover."
The rate was increased last month to 5.5%
DATED: 07.06.07
FEED: AW
