Saturday, October 11, 2008
Interest rate cut positive move, says RMIF
'The Bank of England's decision to cut the interest rate is positive news for the economy, and will hopefully help rebuild consumer confidence,' said Sue Robinson, Director of the Retail Motor Industry Federation (RMIF), representing the UK's retail motor sector, commenting on the announcement Wednesday 8 October 2008.
The UK interest rate has been reduced to 4.5 per cent from 5 per cent. The European Central Bank also reduced its rate, and the central banks of the USA, Canada, Sweden and Switzerland all took similar action in a co-ordinated move.
Robinson adds: 'Consumers desperately needed this long-awaited move, along with other bank support measures put in place by Government this morning. All these moves should help to instill consumer confidence and will also help businesses at this difficult time.'
DATED: 11.10.08
FEED: AW
