NEWS RELEASE Thursday 6th May 2004
STUC fears that the upward trend in interest rates spells further bad news for manufacturing jobs Commenting on the decision of the Bank of England's Monetary Policy Committee to raise interest rates to 4.25%, Stephen Boyd, STUC Assistant Secretary said:
"Latest statistics demonstrate that Scottish manufacturing industry continues to perform poorly relative to the UK as a whole. The STUC fears that the upward trend in interest rates spells further bad news for manufacturing jobs".
"While it is unclear whether interest rates of around 5% will have any discernible impact on the credit and house price booms, the consequences for manufacturing industry in Scotland are likely to be negative".
ENDS
For further details and comment contact:
Stephen Boyd David Moxham