The UK’s Manufacturing Technologies Association (MTA) has issued a statement saying that it welcomes the latest British interest rate reduction. Despite the general economic conditions, including such contributors to worldwide uncertainty as the appearance of the mortgage crisis in the United States, which is having profound effects on lending and other financial institutions in that country and elsewhere, the organization remains optimistic that the UK manufacturing technologies sector will enjoy a healthy 2008.
Obviously, confidence in the economy is a paramount precondition for the conduct of aggressive, forward-looking business. For that reason, the MTA is looking to the Bank of England to further reduce interest rates early in the new year.
“This reduction in interest rates is welcomed by the companies operating in our sector,” reads the association’s official statement. “We have seen a very strong recovery in the advanced engineering sector in the past two years. Interest rate pressures were in danger of halting this progress. Hopefully, this will help us fulfill our forecast of further business improvement into 2008.”
The MTA is the leading UK trade association representing companies who manufacture or import products in the machine tool, equipment, and manufacturing technologies sector. The group promotes the interests of its members in domestic and overseas markets and also owns and organizes MACH, the UK’s premier machine tool and manufacturing technology exhibition.