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Manufacturers support rates hold

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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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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