Commenting on the October manufacturing output figures and UK trade data published today, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“The bigger than expected fall in manufacturing output highlights the dismal circumstances facing the sector.
“UK trade figures show that the depressed global situation precludes an expansion in our exports, in spite of a significant weakening in the pound."The MPC must persevere with further interest rate cuts and take steps towards quantitative easing. Unless the economic situation improves in the next few weeks, there is a very strong case for the MPC to cut rates by one per cent in January.”