19/11/2008
Quarter of manufacturers deferring or freezing pay
The extent of the squeeze on manufacturing companies created by the economic downturn is now clear, with the number of companies deferring their settlement or, freezing pay, having risen sharply to nearly 1 in 4 of all settlements in the last three months according to figures from EEF, the manufacturers’ organisation.
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19/11/2008
EEF comment on Conservative public spending pledge
Commenting on today's announcement, EEF Chief Economist, Steve Radley, said: "Manufacturers are always keen to see efforts to cut waste in government spending and reduce the tax burden. But today their priority is not spending totals two years ahead but surviving the most severe economic downturn for at least two decades. Right now they are looking for urgent action to prevent the economy lapsing into a severe recession, stave off large scale redundancies and avoid many well-run businesses going under."
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11/11/2008
EEF comment on Conservative Tax proposals
Commenting on today's economic proposals by the Conservative Party, EEF Chief Economist, Steve Radley, said: "At a time when we are facing a wave of job losses, proposals focused on helping people back into work are missing the mark. The number one issue for companies right now is the need to maintain cashflow. Whilst the proposal to bring down the small company rate of corporation tax is helpful, funding this by removing support for investment is a further squeeze on cashflow. Given the speed of change we are witnessing we need far bolder measures which provide a real fiscal stimulus to the economy."
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