Speaking after the Monetary Policy Committee’s decision to raise interest rates to 5.5%, Grahame Smith, STUC General Secretary said:
“The MPC’s decision has surprised no-one but nonetheless comes as a blow to Scottish industry. The strong pound represents good news for those flying off on shopping trips to the States but very bad news for Scottish companies trying to export goods and services.
“The upward trend in interest rates is widely expected to continue with another rise predicted as early as June. Rising interest rates are seriously detrimental to the competitiveness of Scottish manufacturing which currently provides 70% of all Scottish exports.
“Therefore, it is vital that the new Scottish Executive does everything in its power to support manufacturing industry. A good start would be to increase the resources available to the Scottish Manufacturing Advisory Service which is delivering real improvements in productivity in workplaces across Scotland”.
ENDS
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