MTA calls for interest rate cut soon
In the face of no change on interest rates today, the Manufacturing Technologies Association (MTA) has today called for an interest rate cut as soon as possible.
Interest rates stand at 5% and Simon McVicker, MTA external affairs manager, said: “With the OECD forecasting that the UK will slip into recession in 2008 and with other key forecasters hinting the same it now seems that the MPC should shift its focus to stimulating growth in the economy as a priority. This dictates a cut in interest rates in October.
“We at MTA remain confident that overall the manufacturing technology sector will record growth of around 5% in 2008. However we are concerned that confidence could be severely hit going in to 2009 and without interest rate cuts our sector could see a cooling off next year.”
