IoDwelcomes cut in interest rates

The Institute ofDirectors (IoD) welcomed todays quarter per cent cut in interest rates by theBank of England's Monetary Policy Committee from 3 per cent to 3 percent.

Ruth Lea, Head of thePolicy Unit at the IoD, said:

"We welcometodays cut in interest rates. There is no doubt that the global economy hasmany deep-seated problems, and these are dragging the British economy down.Domestically the manufacturing sector remains in recession and consumerspending and the housing market, the parts of the economy that underpinnedgrowth last year, are now moderating. The economy needs stimulating a cut ininterest rates and the fall in sterling against the euro since the beginning ofthe year, though it has firmed recently, should both help.

Ends 10.7.03 No.182

Notefor editors

TheInstitute of Directors is a non-party political independent organisation witharound 55,000 members. In addition to its wide range of business services, theIoD provides an effective voice to represent the interests of its members togovernment and key opinion-formers. It also brings the experience of businessleaders to bear on the conduct of public affairs

Contact Points:

Ruth Lea, Head of thePolicy Unit, tel: 020 7451 3291

Richard Taylor, PressOfficer, tel: 020 7451 3264

mobile and out of hours: 07721 734886

David Marshall,Director of Public Affairs, tel: 020 7451 3263

mobile and outof hours: 0776 4883420

email: press@iod.com

web: www.iod.com