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.
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
We think there's room for a small cut and look to the Bank to do so if there's no sign of a pick-up in momentum in the economy.
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
With retailing and manufacturing both very weak, the fact that services are slowing is particularly worrying.
Ian McCafferty
The service sector in recent years has been an important driver of growth,
Ian McCafferty
Although it is too early to say if this month's decline in export demand is the start of a trend, the fall is a further blow for manufacturers at a difficult time. Firms will be hoping this is not the first sign of slow-down in the global economy in the face of the latest oil price increases.
Ian McCafferty
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