Manufacturers understand rates rise but urge Bank to pause for breath

Whilst understanding the case for the latest increase in interest rates, EEF has urged the Bank of England to hold back from any more increases in the near future. This will give the MPC time to assess the impact of its recent tightening and reduce the risk of upward pressure on Sterling at a time when rising costs are eating into manufacturers’ profit margins.

EEF Director General, Martin Temple, said:

"Three rises in four months should now be enough to keep inflation in check. Manufacturers will now expect a pause for breath to assess the impact of the recent rises on the economy, especially at a time when they are faced with rising costs for energy and other raw materials."

ENDS

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