EEF, the manufacturers' organisation understands today’s decision to leave interest rates on hold, but believes the call for a cut is now finely balanced and the Bank must remain vigilant to the need to take action in the near future.
EEF believes that whilst the economy has slowed since the start of the year, the extent of this remains uncertain and, as a result, the Bank needs to ensure that any cut is sustainable.
EEF Chief Economist, Steve Radley, said:
“Manufacturers will understand the Bank’s stance on a decision that is now finely balanced. However, they will look to the Bank to take decisive action to maintain business and consumer confidence should the evidence point to weakening conditions.”