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Welcoming the Bank of England's decision to leave interest rates unchanged, the CBI said: "The Bank has been successful in slowing growth from the rapid pace seen in the first half of the year to a more sustainable rate going forward. Rates are now likely to be close to their peak and the Bank should wait until things are much clearer before deciding if any further medicine is required."
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Reacting to the latest official data on manufacturing, CBI economist Doug Godden said: "On their own monthly figures are very volatile but the pattern now coming from a host of data and surveys is clear. Underlying conditions facing manufacturing have taken a turn for the worse since the early part of the summer."
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The performance of the financial services sector has faltered, with business volumes, profitability and confidence all falling for the first time in 18 months, according to the latest CBI/PwC Financial Services Survey. Forty percent of firms said business volumes were down over the past quarter and companies expect flat volumes over the next three months.
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The Russian government's move on the Kyoto protocol is "good news for companies and the environment" CBI chief Digby Jones has said. But the protocol should be the first step towards a global agreement including the US, China and India. "British business wants to do its bit on the environment but this will only be possible if other countries play ball."
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Retailers reported unexpectedly weak sales in September according to the latest CBI Distributive Trades Survey, confirming earlier signs of a slowdown in the sector's underlying growth. Higher interest rates, rising energy costs and concerns over house prices have taken their toll, with high street firms reporting the first negative sales balance for 18 months.
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The annual CBI Mercer Pensions Conference on 19 October in London will examine the future of sustainable UK pension provision. Secretary of State for Work and Pensions, Alan Johnson, CBI director-general Digby Jones, TUC secretary-general Brendan Barber and ex-CBI director-general and chair of the Pensions Commission Adair Turner will all be speaking at the event.
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Manufacturing accounts for around 20% of GDP and employs four million people in the UK. The CBI Manufacturing Dinner on 18 October in Birmingham is a key networking opportunity with the chance to hear from a very senior member of Government and discuss the topics that are dominating the industry. Supported by Jaguar, JCB, Cadbury and Microsoft.
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The manufacturing recovery has eased from its August peak as orders fall below normal and firms scale back output expectations, according to the latest CBI Industrial Trends Survey. The slowdown in orders has triggered a build up of stocks and forced firms to scale back output expectations for the next three months. But firms still anticipate steady output growth.
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