Leaders at region’s top 250 are upbeat

Apr 9 2008 by Graeme King, The Journal

Rate cut call

BUSINESS leaders have urged the Bank of England to consider a cut in interest rates tomorrow when the Monetary Policy Committee convenes for its monthly meeting.

Leading the call was manufact- uring body EEF Northern, which said problems in the financial sector could spill over into the wider economy if action was not taken.

Though the EEF has been relatively cautious on interest rates recently, the organisation now believes the Bank should cut rates again.

Alan Hall, director of EEF Northern, said: “With growing evidence of problems in the financial sector spilling over into the wider economy, the UK needs a stimulus from monetary policy.”

The CBI backed the call, saying that a quarter-point cut was required “now rather than later to help hard-pressed businesses and consumers”.