CBI urges rate cut as job losses peak

Manufacturing firms are shedding jobs at the fastest rate since 1993 in the face of falling export orders, according to a CBI survey out this week. The CBI’s latest Industrial Trends Survey shows that a balance of 42% of manufacturers have cut rather than taken on staff over the past four months. However, there are […]

Manufacturing firms are shedding jobs at the fastest rate since 1993 in the face of falling export orders, according to a CBI survey out this week.

The CBI’s latest Industrial Trends Survey shows that a balance of 42% of manufacturers have cut rather than taken on staff over the past four months.

However, there are some signs that pressure may be beginning to ease, with pessimism about domestic orders and the general business climate beginning to bottom out.

The CBI called for a further 0.25% cut in interest rates in order to underpin an expected recovery in the economy later this year.