Tuesday, July 10, 2007
Barclays warns of falling new car sales
A decrease in new car sales should be expected in the latter half of the year because of the recent interest rate rise.
Last week the Bank of England raised interest rates to 5.75 per cent – the fifth rise since August last year - and analysts are warning the increase will hit the automotive retail sector hard.
“As the recent rises in interest rates impact further on private sector demand, we should not be surprised to see downward pressure on sales through the second half of the year.” said Keith Parry, head of motor retail at Barclays Business Banking.
DATED: 10.07.07
FEED: MT
Last week the Bank of England raised interest rates to 5.75 per cent – the fifth rise since August last year - and analysts are warning the increase will hit the automotive retail sector hard.
“As the recent rises in interest rates impact further on private sector demand, we should not be surprised to see downward pressure on sales through the second half of the year.” said Keith Parry, head of motor retail at Barclays Business Banking.
DATED: 10.07.07
FEED: MT
