The service sector in recent years has been an important driver of growth,
More Quotes from Ian McCafferty:
With energy costs up sharply in recent months and some disappointing developments in the global economy, there is no doubt UK manufacturers still face a challenging business environment. Nevertheless, this survey provides some encouraging news.Ian McCafferty
Only two of the 10 industry groups surveyed this month - chemicals and metal products - expect prices to rise in their sector over the coming three months. Cost pressures from high oil and transportation prices will only serve to depress profits further,
Ian McCafferty
The Bank has chosen to follow a steady course. This is particularly understandable given current mixed economic signals. The slightly less negative recent news from the housing and retail sectors contrasts with increasing pressures on manufacturers from the high cost of fuel and materials. The MPC should stay alert to further weaknesses in the economy and must remain on standby to cut rates over the coming months.
Ian McCafferty
Christmas, in retailing terms, is coming later and later each year as consumers play chicken with the high street and delay their spending in the expectation of late price cuts as the big day draws nearer.
Ian McCafferty
Conditions for manufacturers are getting increasingly tough as costs continue their seemingly inexorable rise but weak demand keeps prices down, squeezing already thin profit margins even further.
Ian McCafferty
We understand that the MPC must make difficult choices. But there is a clear risk that without corrective action the upward trend in unemployment would accelerate. We continue to believe that a cut in interest rates will be needed in the next few months, and we urge the MPC to consider early action.
Ian McCafferty
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