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Release date: 11/07/2008
EEF, the manufacturers' organisation accepted today’s decision to leave interest rates on hold, recognising that the Bank is now fighting on two fronts – rising inflation and preventing recession.
Commenting, EEF Chief Economist, Steve Radley, said:
"For the moment the Bank should keep rates on hold as a slowing economy and moderate wage growth should keep a lid on inflationary pressures. However, if further gloom descends and the economic downturn gathers pace the Bank needs to be ready and willing to cut rates once again."
ENDS
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