Ian McCafferty Recent Quotations

The service sector in recent years has been an important driver of growth,

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.

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.

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.