LONDON (AFX) - UK interest rates should stay on hold "for a good time to come", Confederation of British Industry chief economist Ian McCafferty said. Speaking at a press conference after the CBI released its industrial trends quarterly survey, Charles Miller-Smith, chairman of the organisation's economic affairs committee, said the comment is "valid for the rest of the world". McCafferty said there is no underlying inflationary pressure in the UK economy. "This is based on a combination of the inability of manufacturers to have any pricing power plus reports that manufacturing and services (wage) settlements are at all-time lows," McCafferty said.