NEWS RELEASE
Thursday, 07 October 2004
STUC welcomes Bank of England's decision to hold interest rates
The STUC today welcomed the MPC's decision to hold interest rates at 4.75%.
STUC Assistant Secretary, Stephen Boyd said:
"The STUC believes the decision of the MPC to leave interest rates at 4.75% is the right one for the economy. Recent rises appear to be succeeding in cooling the housing market. Despite yesterday's encouraging figures showing a rise in Scottish manufacturing exports, output for the UK continues to fall. A further interest rate rise at this time could prove catastrophic for the tentative recovery in Scottish manufacturing".
ENDS
For further details contact: Stephen Boyd, Assistant Secretary STUC