EEF also believes the prospects for further instability in the financial markets will have an increasing impact on business and consumer confidence.
Commenting, EEF Chief Economist, Steve Radley, said:
“A number of warning lights for the economy are now flashing amber and this is a sensible pre-emptive move. It will reassure business that the Bank is on the case and help to cushion the economy from the worst effects of instability in the financial markets”
ENDS