Commenting on the Monetary Policy Committee’s decision to raise interest rates to 5.25%, Grahame Smith, STUC General Secretary said:
“With the prospect of the announcement today of job losses at NCR in Dundee, this premature rise is very worrying for Scottish manufacturing industry. Inflationary pressures are expected to ease through 2007 as energy prices fall. The evidence is in no way sufficient to justify a rise at this stage”.
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