A further interest rate cut to 0% could be on the cards if the UK decides to follow Japan’s lead in the 1990s, when it tried to stave off recession.

The Bank of England has already slashed its rates to 0.5% - the lowest in its 315-year history and the sixth reduction since October 2008.

But, its latest efforts to kick-start the UK economy will have “little or no impact” to fleet finances, according to the BVRLA’s chief executive John Lewis.

David Raistrick, manufacturing industry leader at business services firm Deloitte, added: “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.”