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BCC expresses concern over UK manufacturing

5 May 2011
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BCC expresses concern over UK manufacturingBusiness body the British Chambers of Commerce (BCC) has warned that the UK manufacturing sector remains particularly weak and urged the Bank of England to hold firm on interest rates.

Following the publication of the latest Markit/Chartered Institute of Supply purchasing managers' index, BCC chief economist David Kern implied that Britain's finances lacked the resilience to withstand fiscal normalisation.

"Manufacturing data was at its lowest level in seven months [in April], while UK [gross domestic product] growth was fairly mediocre in the first quarter of 2011," he observed.

Mr Kern welcomed the Monetary Policy Committee's decision to keep the base rate at 0.5 per cent for at least another month, but insisted the base rate should stay at its current record low well into the second half of 2011.

Last month, the Confederation of British Industry's quarterly trends survey indicated that inflationary pressures were having a major impact on the country's manufacturing firms.ADNFCR-3058-ID-800521381-ADNFCR
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