NEWS RELEASE
Thursday 5th August 2004
"Enough is enough," says STUC as drip-drip effect of interest rate rises endangers recovery in Scottish manufacturing
STUC General Secretary Bill Speirs today warned that the cumulative effect of interest rate rises would impact of Scottish manufacturing jobs. He said:
"There is evidence that the housing market is beginning to slow and inflation remains below the MPC's 2% target
"In this context, the priority should be to create conditions for sustainable manufacturing growth and job creation in the sector.
"Although there are grounds for cautious optimism for Scottish manufacturing, the rise in Scottish GDP for the last quarter was disappointing. The latest CBI quarterly survey finds manufacturers predicting further job-shedding in the next three months."
ENDS
For further details and comment contact:
David Moxham
Note to editors:
The UK's biggest mortgage lender, the Halifax, said property prices rose by 1.3% in July after a gain of 1.2% in June, both of which were well below the average monthly rise of more than 2% seen during the previous six months. This trend is supported by recent surveys from the Royal Institution of Chartered Surveyors