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To: waldo who wrote (21782)	10/16/1998 1:42:00 AM
From: Sergio R. Mejia	Respond to of 116764

"UK manufacturing sector is now firmly in recession" A British Chambers of Commerce survey suggests that both the manufacturing and service industry in the UK are now facing an economic slowdown. The quarterly survey covers 9,275 companies employing 927,000 people across the United Kingdom, and its findings show that the manufacturing sector is now firmly in recession. The export industry is in particular trouble. Net export losses are at record levels. But domestic demand is plummeting too. The service sector, until now the last booming industry of the British economy, is now facing a slow down as well. According to the BCC survey, the optimism of UK firms "has fallen sharply to levels not seen since the early 90s." More manufacturers are now expecting to shed jobs than create them for the first time since 1993. Official unemployment figures published on Wednesday showed that the number of people looking for work is not falling anymore. Dr Ian Peter, the Deputy Director-General of the British Chambers of Commerce called once again for urgent cuts in interest rates. He said the Bank of England's Monetary Policy Committee (MPC) should "take action to rebuild confidence and reduce interest rates by a further quarter per cent at its meeting in November." Last week the MPC had cut its interest rates for the first time since June 1996 - down by 0.25% to 7.25%.