Pre-emptive move on rates welcomed
EEF, the manufacturers’ organisation welcomed last week’s cut in interest rates believing that the balance of evidence is moving increasingly to downside risks of a sharper economic slowdown.
EEF also believes the prospects for further instability in the financial markets will have an increasing impact on business and consumer confidence.
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”
