Press Release: IGA Comments on Bank of England Interest Rate Cut to 5%

“Today’s announcement from the Bank of England cutting the interest rate from 5.25% to 5% is positive news for our members at the Independent Garage Association and the sector as a whole. This rate cut may help reduce borrowing costs and improve cash flow for independent garage owners, potentially making it easier for them to invest in their businesses. It is a step that could support the growth and stability of garages across the country, assisting them in managing rising costs and maintaining their service to customers.” – Stuart James, CEO of the Independent Garage Association. 

About the Independent Garage Association (IGA): The Independent Garage Association (IGA) is the leading trade body for independent garage owners in the UK, providing support, resources, and advocacy to help garages thrive in a competitive automotive industry. The IGA is committed to promoting the interests of its members and enhancing the standards of service and professionalism within the sector.

For more information, please visit our website at www.independentgarageassociation.co.uk

NOTES TO EDITORS

Bank Rate Reduced to 5% – August 2024 https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2024/august-2024

Press Contact:

Stefan Wesley

Communications and Marketing Manager

Independent Garage Association

Phone: 01788 538359

Email: stefan.wesley@rmif.co.uk