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.
After the “pressure cooker” of the post-pandemic automotive retail sector, MotoVise managing director Fraser Brown says car dealers need to ensure 2023 is a year of opportunity rather than excuses.
The automotive retail sector’s supply issues and buoyant used car residual values have been described as a “happy accident” preventing the motor finance sector from “blowing up”.
The number of used car retailers who describe themselves as “pessimistic” about the sector’s current fortunes has almost quadrupled in the space of just a month.
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.
Motor finance providers are likely to tighten the criteria on which they base their lending, in order to minimise their risks during the cost of living crisis.
Car retail businesses have been told to focus on gross profit and cutting expenditure as a period of ‘stagflation’ is ushered in by sustained inflation and rising unemployment.
Holidays in the sun are being prioritised above car purchases ahead of a tough winter which is expected to see the UK slide into recession amid ongoing inflation, Cap HPI's Derren Martin has suggested.
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 has raised interest rates for the first time in three years in a bid to tackle UK inflation.
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 Financial Conduct Authority (FCA) recently announced forthcoming changes to what has been a controversial area of consumer credit lending.
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.
Car dealers have started rethinking their lending panels as economic pressures start to spark a reduction in the number of customers meeting “prime lender criteria”.
