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NFDA 03/08/2023

The Bank of England (BoE) has confirmed that interest rates will rise by 0.25%, from 5% to 5.25%, the fourteenth consecutive rise since December 2021.

Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), which represents car and commercial retailers across the UK commented:

“Interest rates have once again risen in a bid from the Bank of England to curb inflation and stabilise the economy. Whilst this may have a broader impact on consumer confidence, and personal finances by encouraging saving, purchasing vehicles and the freedom of transport will be a necessity for many. Therefore, franchised dealers will continue to offer the best price points and payment schemes to support motorist’s shifting spending budgets.

“As new electric vehicles still remain at a price premium in the market, there is a chance demand will dampen as the cost of borrowing increases.  Electric Vehicle Approved (EVA) retailers will continue to promote the message that used EVs remain as viable alternatives to new EVs and helping subvert common misconceptions such as battery degradation, and anxieties around range.”

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About the RMI

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.