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Release date: 05/06/2008
EEF, the manufacturers’ organisation supported today’s decision by the Bank of England to hold interest rates, believing it is right to maintain a cautious approach in balancing a slowing economy and problems in the financial and housing markets with mounting inflationary pressures.
Commenting, EEF Chief Economist, Steve Radley, said:
“Given the current extent of inflationary pressures, the Bank faces an unenviable dilemma in balancing further signs of weakness with growing concerns over inflation. But unless it becomes the clear that the economy is deteriorating sharply, the Bank is right to continue its cautious approach.”
ENDS
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