Consumers Warned The Price Of Cars Will Rise Due To Slump In The Pound

The video discusses the impact of Brexit on the UK car market, highlighting a potential slowdown in sales and rising prices due to the weakened sterling. It explains how the majority of cars in the UK are imported, making them susceptible to price increases. The Society of Motor Manufacturers and Traders (SMMT) predicts a 2-3% rise in car prices, affecting popular models like the Ford Fiesta. Additionally, the rising cost of fuel is impacting motorists, leading to increased reliance on finance options. Concerns are raised about household debt levels, with the Bank of England's chief economist warning of tougher economic conditions ahead due to higher inflation and reduced consumer spending power.

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