Once again, some trade union and industry leaders have been urging the MPC to lower its interest rates, to push down the value of the pound against the euro and help the country's export industry. Manufacturers remain under severe pressure from the weak euro and are being forced to squeeze profits and scale back investment plans in order to compete. Kate Barker of the Confederation of British Industry said that slowing global demand meant that exporters might face tougher conditions even if interest rates were cut. Business leaders point to data from the Office for National Statistics, which show the industrial sector shrinking for the second month in a row. Britain's economic powerhouse is now the service sector, making up about two-thirds of the economy, and keeps on growing.
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