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UKs trade association, the MTA
welcomed the recent interest rate hold but believe the Bank of England
must lower interest rates further still to properly support manufacturing.
The manufacturing technologies sector is currently performing well,
with the MTA's members reporting a quarter on quarter rise in business
during 2007 and predicting a 0.8% increase in orders in the first quarter
of 2008 against those placed in the final quarter of 2007.
MTA external affairs manager, Simon McVicker commented: "Maintaining
the current interest rate is a positive step. Manufacturing is currently
performing well and our members appear cautiously confident that 2008
will continue the quarter on quarter growth in orders that was seen
last year. However, we are keen for the Bank of England to lower interest
rates next month to further support our member companies and to maintain
growth in other sectors of the economy. A further cut in rates should
help the UK exchange rate and therefore the exports which many of our
members rely on."
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