The Bank of England (BoE) has confirmed interest rates will rise by 0.5%, from 4.5% to 5%, the thirteenth consecutive rise since December 2021.
The Bank of England has raised interest rates by 5ppts to 4% – their highest level since October 2008.
Bank of England governor Andrew Bailey has said the UK is likely to experience “weak activity over quite a prolonged period” despite optimism prompted by falling inflation and lower energy prices.
Car retailers are expected to shrug off the key performance indicators (KPIs) of the past as they prepare for a 2023 economy which will see recessionary consumer spending habits layered on top of ongoing vehicle supply issues.
The Bank of England is battling to reduce inflation in the UK from the high and harmful levels it has reached in 2022, and members of the Vehicle Remarketing Association heard first hand about its methods this week.
The National Franchised Dealers Association (NFDA) has warned that the Bank of England’s decision to raise the UK interest rate to 3% will make funding car purchases “harder for consumers”.
The Chancellor of the Exchequer Kwasi Kwarteng has announced £45 billion of tax cuts in a ‘mini’ budget set to cost the exchequer around £100bn.
The Bank of England has raised the UK interest rate by 0.5ppts to 2.25% in spite of Monetary Policy Committee (MPC) uncertainty over the best approach to stem inflation.
The automotive sector is braced for the impact of a record 0.75ppt rise in interest rates if the Bank of England acts to curb inflation next week.
The UK is set to slip into recession this winter as rising fuel and energy costs stymie economic growth, the Bank of England warned as raised interest rates by 0.5% today.
Car dealerships are facing a double whammy of rising overheads and diminishing consumer finances after the Bank of England (BoE) further increased interest rates this month to 1%.
The car retail sector is facing a “perfect storm” of economic and political headwinds as UK inflation hits 7% - threatening to dent consumer confidence.
The Bank of England’s decision to raise interest rates to 0.75% have been criticised for placing “more pressure on household finances” - and will hit the car retail sector's overhaeds too.
The Bank of England has raised interest rates for the first time in three years in a bid to tackle UK inflation.
The Bank of England (BoE) has said that 70% of consumers will hold on to any savings they managed to accrue during COVID-19 lockdown.
The car retail sector is divided over suggestions by the Bank of England’s chief economist that the UK is already on track for a V-shaped recovery from the COVID-19 coronavirus pandemic.
The Finance and Leasing Association’s (FLA) has renewed its appeal for help from Government and the Bank of England as coronavirus impact sparks 1.2 million finance forbearance claims.
The Finance and Leasing Association (FLA) wants Government and the Bank of England (BoE) to take urgent action to support the non-bank lending market durin the ongoing COVID-19 coronavirus lockdown.
The Bank of England has cut interest rates back to a record low of 0.25% in response to the economic impact of the coronavirus.
The Bank of England has announced a rise in interest rates from 0.5% to 0.75% following a unanimous decision by its Monetary Policy Committee.
