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Bank must be fast out of block if economy deteriorates further say manufacturers

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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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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