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Industry welcomes pre-emptive move on rates

Release date: 06/12/2007

EEF, the manufacturers’ organisation welcomed today’s cut in interest rates believing that the balance of evidence is moving increasingly to downside risks of a sharper economic slowdown.

EEF also believes the prospects for further instability in the financial markets will have an increasing impact on business and consumer confidence.

Commenting, EEF Chief Economist, Steve Radley, said:

“A number of warning lights for the economy are now flashing amber and this is a sensible pre-emptive move. It will reassure business that the Bank is on the case and help to cushion the economy from the worst effects of instability in the financial markets”

ENDS

Notes for editors
further information:
Mark Swift
Media & Campaigns Manager
t: 020 7654 1576
e: mswift@eef.org.uk

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EEF Limited is the organisation for manufacturing, engineering and technology-based businesses. It is an employers association regulated under Part II of the Trade Union and Labour Relations (Consolidation) Act 1992 and a company limited by guarantee. EEF Limited is registered in England and Wales, registered no 05950172, and its registered office is Broadway House, Tothill Street, London, SW1H 9NQ

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