UK interest rates left on hold

Manufacturing News, Source : TheManufacturer.com
Published : 07 Nov 2002 12:46

The Bank of England has left UK interest rates on hold at 4 per cent, despite growing pressure from UK manufacturing for a cut.

The CBI’s Chief Economist, Ian McCafferty said that business would be “comfortable” with the decision to hold rates but added that “the economic outlook remains troubling”.

"If the half-point cut from the Fed does not stimulate the US economy, there is risk of a coordinated global slowdown into next year,” he said. "Under these circumstances, a quarter-point cut in the UK would not be sufficient and the Monetary Policy Committee should be ready to make a more radical half-point reduction."

Comments on this story

click here to add a comment