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Rate cut may not encourage women drivers to splash the cash
Yesterday's announcement that the Bank of England was cutting the interest rate may not be enough to lure male and female drivers back into car showrooms, it has been suggested.
The Retail Motor Industry Federation (RMIF) pointed out although the move may help people looking to borrow money to buy a new vehicle, it was bad news for savers who rely on the interest they accumulate for their disposable income.
It claimed this meant the reduction may be ineffective in encouraging Brits to start spending again, unless the country's leaders also introduce tax cuts and support for businesses.
Director of RMIF Sue Robinson stated: "The government's reliance on interest rate reductions to stimulate the economy should be part of a wider package of measures and we urge that more direct approaches are used."
The interest rate was cut 0.5 per cent to 1.5 per cent.
Earlier this week, RMIF said people would need to feel secure in their jobs before they were prepared to start splashing the cash on items like new cars.
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