North East Business Leaders Unanimous on Interest Rate Decision

A group of North East business leaders gathered to discuss their thoughts on the Bank of England's base interest rate ahead of the Monetary Policy Committee's meeting. The recurring themes were uncertainty and caution, with most members voting to hold rates despite some wanting a cut.

Lee Watson, partner at Clive Owen LLP, expressed his desire for a rate cut but was hesitant due to concerns it could lead to higher inflation. Donna James, research director at Populus Select, also wanted to lower the rate but felt that the ongoing conflict in Iran and resulting high oil prices made it the best option to 'stick' with the current rate.

David Coates, managing director of Newsquest North, believed there was too much uncertainty to make a change, while Catriona Lingwood, chief executive of Constructing Excellence North East, was the lone voice for cutting the rate, citing its potential to increase growth in their sector.