Business leaders vote to hold interest rates amid economic uncertainty
Business leaders in the North East have voted to hold interest rates.
The decision came during the June 2025 meeting of the North East Shadow Monetary Policy Committee (MPC), a group of business figures who provide regional economic insight in partnership with Newsquest, Clive Owen LLP, and Recognition PR.
Five members voted to keep rates steady at 4.25 per cent, while two called for a cut.
David Coates, managing director of Newsquest North, said: "Given all the uncertainty that there is at the moment, let's not add any further uncertainty, so steady as she goes and stay where we are."
The committee cited ongoing economic challenges, including inflation above the Bank of England's 2 per cent target, rising costs, and geopolitical instability.
Graham Robb, senior partner at Recognition PR, also voted to hold rates.
Mr Robb said: "The extra national insurance cost has hit both profits and margins, and as a result there is a cut back on the quantity of things businesses buy."
Nicola Bellerby, tax partner at Clive Owen LLP, emphasised the impact of rising National Insurance contributions.
Ms Bellerby said: "The cost of the National Insurance rises is starting to be felt, and the statistics are quite scary."
She voted to hold rates, noting the pressures on businesses and the importance of controlling inflation.
Arnab Basu, CEO and founder of Kromek Group plc, highlighted wage pressures and global instability.
Mr Basu said: "There is a wage inflation coming in our sector because there's not enough engineers, particularly in the North East."
He also voted to hold rates, referencing concerns about energy prices and the broader international economic environment.
Donna James, research director at Populus Select, pointed to optimism in technical fields but warned of broader risks.
Ms James said: "We are in danger of seeing wage inflation, and I'm worried about oil prices driving inflation with the situation in Iran and Ukraine."
She also supported holding rates to maintain stability.
However, not all members agreed.
Martyn Tennant, head of the corporate team at Swinburne Maddison, voted for a cut.
Mr Tennant said: "Businesses need the support of a rate cut now to help them through economic challenges."
Kevin Brown of Pacifica Group also backed a rate reduction, citing concerns about consumer finances.
Mr Brown said: "I'm concerned about the consumer debt that no one's talking about.
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"I think that will end up being a depressant on the retail sales market both in hospitality and in physical goods."
The Shadow MPC's views reflect ongoing uncertainty and the varying pressures facing different sectors across the region.
Their recommendations add a regional perspective to the national debate on monetary policy as the economic outlook remains mixed.
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