5th November 2008
An interest rate cut of two per cent is needed tomorrow by the Bank of England’s Monetary Committee if the building industry is to have any hope of staving off the worst effects of the economic down turn, warns the Federation of Master Builders (FMB).
Richard Diment, Director-General of the FMB said:
“With house building at its lowest level since 1945; with unemployment in the building industry going up almost daily; and more and more small building firms going bust a substantial cut in interest rates is needed if it is to have any meaningful impact on the construction sector.”
Diment continued:
“A slow, drip - drip cut will not be sufficient to tackle the extraordinary times we are experiencing. Dramatic economic conditions require dramatic, bold steps and a two per cent interest rate cut would demonstrate that the Bank of England is doing all it can to help British business.”
