A UK car dealers group has welcomed today’s (5 March) Bank of England interest rate cut to 0.5% from 1%, a record low and the sixth reduction since October.

“This latest interest rate reduction means that consumers will  have a greater disposable income, which we hope will engender greater confidence,” said Sue Robinson, director of the Retail Motor Industry Federation (RMIF), representing 8,000 businesses in the UK’s retail motor sector, including new and used car dealers.

“With a greater disposable income, many consumers should now  feel more confident about major purchases. Car dealer showrooms are now providing a wide range of ‘value-for-money’ deals on financial packages as well as new and used car stock.”