Small manufacturing firms in Britain faced further falls in orders, output and employment in the first quarter of 2003, research revealed this morning.
According to the Confederation of British Industry's (CBI) quarterly survey of smaller manufacturers, 40 per cent of small and medium-sized firms (SMEs) said new orders were down over the past four months, while 22 per cent said they were up.
The balance of minus 18 per cent compared with minus 22 per cent in January and was slightly worse than the predicted minus 15 per cent, the CBI data showed.
The news is set to bring further pressure on the Bank of England to cut interest rates next month from the current 48-year low.
Last week, the Bank of England's interest rate-setting Monetary Policy Committee left rates unchanged at 3.75 per cent.
PA