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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: TobagoJack who wrote (21224)	1/13/2005 9:29:41 AM
From: mishedlo	Read Replies (1) of 116555

UK business leaders back BoE rate decision Thursday, January 13, 2005 12:27:11 PM afxpress.com LONDON (AFX) - Business leaders lauded the Bank of England's decision to keep interest rates on hold at 4.75 pct in light of the recent slowdown in the UK economy. David Frost, director general of the British Chambers of Commerce, expects the rate-setting Monetary Policy Committee to persevere with a flexible stance and be ready to cut rates if circumstances worsen "Dismal reports from the retail trade about Christmas sales are worrying, if they indicate a more general weakening in consumer spending," he said. "It is widely accepted that, if house prices start falling more sharply, the risks facing the economy will worsen considerably," he added Meanwhile, the Confederation of British Industry's chief economist Ian McCafferty said the MPC did the right thing given that it has to juggle emerging inflationary pressures, driven by a tight labour market and buoyant commodity prices, against the risk of an over-abrupt slowdown in consumer activity. "Interest rates are likely to remain on hold for sometime," he said

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