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

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To: Chispas who wrote (25172)	3/9/2005 10:04:47 AM
From: mishedlo	Read Replies (1) of 116555

Higher UK rates will damage manufacturing, BCC says Wednesday, March 9, 2005 2:45:06 PM forexstreet.com LONDON (AFX) - Higher UK interest rates will damage the fragile manufacturing sector, the British Chambers of Commerce said David Kern, an economic adviser to the business lobby group, said the latest official data on the sector still does not warrant higher borrowing costs. "We believe that higher interest rates would be extremely damaging for manufacturing, and today's figures should not be used under any circumstances as an excuse for an early increase," he said He argued that higher interest rates would depress consumer spending and threaten any export recovery, by pushing up the pound's exchange rate Data out this morning showed that manufacturing output recorded a 0.2 pct monthly rise in January, marginally stronger than market expectations The Bank of England announces its monthly interest rate decision tomorrow. No change is expected but observers believe a hike will be forthcoming in the next few months

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