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21/01/2002
Think-tank calls for action on issue of ‘strong pound’
The Bank of England has been advised to rethink its approach to monetary policy by an economic think-tank which has called for greater focus on achieving a weaker pound.
The Ernst & Young Item Club issued the warning in the face of continued recession in the manufacturing sector, as UK exports suffer from the uncompetitive strength of the pound.
While the Bank of England has attempted to help the sector in the domestic market by cutting interest rates, the ensuing levels of consumer spending have caused levels of debt to rise alarmingly, prompting speculation of a foreseeable rise in interest rates some time in the next six months.
A spokesperson from the Item Club stressed that this strategy would bring no lasting solution to the woes of the manufacturing sector, instead advising that demand could be “better achieved through a lower exchange rate” – simultaneously preparing the country for possible entry into the Eurozone and the adoption of the single currency. (CL)
The Ernst & Young Item Club issued the warning in the face of continued recession in the manufacturing sector, as UK exports suffer from the uncompetitive strength of the pound.
While the Bank of England has attempted to help the sector in the domestic market by cutting interest rates, the ensuing levels of consumer spending have caused levels of debt to rise alarmingly, prompting speculation of a foreseeable rise in interest rates some time in the next six months.
A spokesperson from the Item Club stressed that this strategy would bring no lasting solution to the woes of the manufacturing sector, instead advising that demand could be “better achieved through a lower exchange rate” – simultaneously preparing the country for possible entry into the Eurozone and the adoption of the single currency. (CL)
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