MTA SAYS INTEREST RATE CUTS NEEDED SOON
Published : September 04, 2008
Whilst understanding the Monetary Policy Committees decision to keep interest rates at 5% due to inflationary pressures in the economy, the Manufacturing Technology Association (MTA) has today called for an interest rate cut as soon as possible.
Simon McVicker, MTA External Affairs Manager said; ""With the OECD forecasting that the UK will slip into recession in 2008 and with other key forecasters hinting the same it now seems that the MPC should shift its focus to stimulating growth in the economy as a priority. This dictates a cut in interest rates in October.
"We at MTA remain confident that overall the manufacturing technology sector will record growth of around 5% in 2008. However we are concerned that confidence could be severely hit going in to 2009 and without interest rate cuts our sector could see a cooling off next year".
Contact
Mark Cole
Email : mcole@mta.org.uk
Telephone : 020 7298 6420
