There was no appetite to change interest rates from members of the North East Shadow Monetary Policy Committee.

The MPC is a partnership between The Northern Echo, Clive Owen LLP and Recognition PR, which considers the state of the region’s economy and gives experts from a variety of sectors the opportunity to argue their case for a shift, or hold, in the interest rate.

Nicola Bellerby, partner at Clive Owen LLP said: “I am voting for interest rates to remain the same again this time. With wages and salaries continuing to rise it is difficult to maintain a steady rate of inflation. There is still a high demand for staff which shows the economy needs to be calmed suggesting that it is still too early to look at reducing the base rate.”

Nick Pope, managing director of Premier Tech Aqua, said: “I would vote to hold. Inflation seems to be stabilising and the next six months should see some reduction in consumer discretionary spending as the increase in people re-mortgaging bites. Housing starts are slowing which in turn is affecting the supply chain, which will result in rising unemployment, which will reduce wage inflation.”

David Coates of Newsquest said: “My vote will be to hold rates. While inflationary pressures have eased since we last looked, there was a surprise increase in last week’s data and therefore I think it is too early to cut rates. The general economy appears to be doing OK, but there are signs that some sectors are seeing some strange movements – such as the used car market which appears to be in free-fall from the covid induced highs. We need to keep an eye on this type of thing and ensure it doesn’t spread elsewhere.”

Tim Bailey, partner at Xsite Architecture said: “Construction remains challenged for any growth and is forecasting further pricing pressure on volumes of contracts. Steering these choppy waters requires a steady hand on the economic levers and interest rates should hold steady for now. An indication of what circumstances would pressure a rate change up or down to be considered would be useful (but unlikely). My vote : Leave rate as is.”

Paul Gibson, partner at Active Financial Planners said: “My vote is to hold whilst inflation remains stubborn and a potential recession looms. Current inflation remains at double the Bank of England target and although it has been falling in recent months, further falls will need to be seen before an interest rate cut is considered.”

Martyn Pullin, partner FRP Advisory said: “I see an increasingly challenging outlook for the construction, training, marketing, motor trade, leisure and home improvement sector whilst consumers adjust to increased costs of living and mortgage costs. Whilst inflation has fallen faster than anticipated, I am concerned at the unstable global political climate and resulting conflicts which I believe will keep inflation above target for some time to come.

“Whilst for the first time in a long time I seriously considered recommenced a fall in the rate, I would certainly for this month leave interest rates where they are.”

Graham Robb, senior partner at Recognition PR said: “It is probably too early for interest rates to come down. I think we need to wait until the new tax policy becomes clear before making a definitive decision to cut the rate.”