Interest rates will have 'little impact'
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The sixth reduction in interest rates since October 2008 is unlikely to have a significant impact on the development of the automotive industry in the UK, it has been suggested.
Speaking to FleetNews.co.uk, David Raistrick, manufacturing industry leader at business services firm Deloitte, claimed that there are far more serious issues which affect the manufacturing industry.
He said that the latest cut to interest rates - which leave rates at the lowest in the history of an independent Bank of England - will have very little impact.
Mr Raistrick commented: "When we take into account residual values and the lack of funding, there are far bigger issues than the latest interest rate cut.
"It's nice to have, but its impact will be very small."
Following the Bank of England's latest decision, interest rates are currently just 0.5 per cent.
