DEALERS have responded positively to the Bank of England’s decision to cut the interest rate.
The RMIF reports that it is positive news for the economy – and will hopefully rebuild consumer confidence, said director Sue Robinson.
This will hopefully lead to more buyers in showrooms.
A half-point rate cut drops the interest rate to 4.5 per cent. European banks, and the US, have followed suit, too, in a welcome move of co-ordination.
Robinson said: ‘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.’