Amidst mixed economic data, EEF, the manufacturers' organisation has backed today's decision by the Bank of England to hold interest rates
With a mix of risks between weaker growth on the one hand and higher inflation on the other, EEF believes there is insufficient evidence at present to justify a change in interest rates. However, if recent signs of a brighter economic outlook fall away we would expect the Bank to stand ready to act.
Senior Economist, Emily Earl, said:
"The Bank continues to walk the tightrope between the outlook for inflation remaining above target and an uncertain growth picture. Whilst the decision remains finely balanced, the MPC is right to stick to its steady approach for the time being"