LONDON (AFX) - Confederation of British Industries said the 25-basis-point repo rate cut is justified even it was done at the back of a buoyant consumer spending. In a statement, CBI deputy director-general John Cridland said: "Even though consumer spending remains robust, the cut was justified because of the impact of the global (economic) slowdown" on UK's manufacturing sector. Cridland said further rate cuts will be needed if the slowdown spread to the consumer sector.