The Bank of England this week raised interest rates by 0.5% to 2.25%. this was despite the Monetary Policy Committee showing uncertainty over the best approach to stem inflation.
Car retailers are, as we speak, scratching their heads to figure out exactly how this will affect their businesses.
The increase was lower than many predicted.
But looking further into the abyss that is the UK economy, we see that new Prime Minister Liz Truss has capped household energy costs, as well as Business Secretary Jacob Rees-Mogg’s saying he will cap them for some businesses.
That’s good news…but inflation is still set to remain above 10% for the foreseeable.