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News Release from: Manufacturing Technologies Association
Edited by the Manufacturingtalk Editorial
Team on 13 February 2008
Interest rate cut welcomed, UK industry
is strong
Commenting that the manufacturing technologies sector of UK industry is currently performing strongly, the UK's MTA regards the recent bank interest rate cut as further stimulus to economic growth.
The UK's Manufacturing Technologies Association (MTA) welcomed the Bank of England's decision to cut the interest rate by a quarter of a percent to 5.25% to maintain a stimulus to economic growth across the economy The MTA said growth in the machine tool and related sectors remains positive owing to a good export performance, especially into the European Union, India, South Korea and Canada
This article was originally published on Manufacturingtalk on 13 Apr 2004 at 8.00am (UK)
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* Domestic market - the home market is also doing relatively well with latest statistics from the ONS showing growth in the output of the machinery and equipment sector of 4.1% in 2007 whencompared with 2006.
MTA External Affairs Manager, Simon McVicker, commented: "MTA member companies still remain confident about their business prospects in 2008.
The Bank's decision to cut the interest rate today was the right move to maintain growth in other sectors in the economy.
We look forward to more cuts in interest rates this year, which should help the UK exchange rate and therefore our exports.".
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