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UK recovery patchy, says CBI

6 May 2011
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UK recovery patchy, says CBIThe Confederation of British Industry (CBI) has welcomed the Bank of England's decision to keep interest rates on hold, citing concerns over the recent string of weak economic data.

CBI chief economic adviser Ian McCafferty said uncertainty surrounding the UK's recovery remains high, after the Markit/Chartered Institute of Purchasing and Supply manufacturing producer price index dipped for a second successive month in April.

"While the recovery continues to make progress, recent economic data show that it is very patchy across sectors," he explained. "Pipeline inflationary pressures have intensified, with our economic surveys showing rapid cost inflation."

Mr McCafferty added that the CBI expects the Monetary Policy Committee (MPC) to begin the process of normalising the base rate later this year, although he declined to specify a particular month.

The MPC's announcement was also supported by the British Chambers of Commerce, which noted there had been only a relatively limited rebound in the manufacturing industry so far.ADNFCR-3058-ID-800523105-ADNFCR
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