Today the Bank of England (BoE) has confirmed that it has cut interest rates from 4.0% to 3.75%, marking the fourth-rate reduction this year. Commenting on the announcement, Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), said: The decision to reduce interest rates to 3.75% will be welcomed by many consumers and businesses. Lower borrowing costs should help support confidence and spending at a time when economic conditions remain challenging, which is particularly important for the automotive retail sector.