To explain, dealer incentives are where the money goes to the dealer instead of an advertised cash-to-the-consumer rebate.

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Part of these payments has sometimes found its way back to the personal investor in the form of a cash rebate, but they are also used to cross-subsidise the provision of other services, such as stock and shares Isas.

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Part of these payments has often found its way back to the personal investor in the form of a cash rebate, but they are also used instead to cross-subsidise the provision of other services, such as stock and shares Isas.

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The impact could probably be larger now, partly because more households are strapped for cash, but also because a permanent boost to income is more likely to be spent than a one-off rebate.

ECONOMIST: The economy