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.
More Quotes from 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
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
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
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
The increase in business with private individuals in the past three months is striking, and partly reflects the pick-up in the housing market from last year's low.
Ian McCafferty
The service sector in recent years has been an important driver of growth,
Ian McCafferty
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