Date posted: 5th Nov 2025
The North East Shadow MPC, a group of leading businesspeople from across the region, voted to hold interest rates in its November meeting.
The Shadow MPC – which is a partnership between Newsquest, Clive Owen LLP and Recognition PR – voted to hold interest rates, with ongoing uncertainty and the upcoming Budget cited as the main reasons.
Nicola Bellerby, Tax Partner at Clive Owen LLP, said client sentiment was deteriorating on the whole due to concern over the tax burden: “We’ve just got to wait for the Budget and hopefully in a month’s time I might be saying something different.”
Ryan Fenwick, commercial director at Newsquest North, said he’d seen a cautious but steady picture in advertising with businesses prioritising stability over expansion: “Things are clearly fragile. Growth is flat and a move either way could create more harm than good.”
Karl Pemberton, managing director at Active Financial Planners, believes nervousness leading up to the Budget is causing a fair bit of anxiety and there was little incentive to invest in the UK: “Similar to what’s been said I would keep the quarter of a per cent reduction in the locker to see what comes out of the Budget at the end of the month.”
Martyn Pullin, partner – Restructuring Advisory at FRP, said: “Consumer spending still seems strong and there is a Budget coming so it’s a wait and see for me.”
Craig Malarkey, partner at Swinburne Maddison, voted to hold, “I think we’d like to encourage a reduction but given the proximity to the Budget and some wider events internationally we need to wait and see.”
Catriona Lingwood, chief executive at Constructing Excellence in the North East, was seeing a mixed bag in construction with very small growth and positive signs, but challenges with recruitment, she said: “I totally agree with everyone else, we’ve got to be sustainable at the moment and I think waiting to see what happens is key.”
Arnab Basu, CEO and founder of Kromek Group plc, said on one hand his business was flourishing but was exposed to unstable macro conditions around the world and markets were not very conducive to investment: He said: “Inflation is still high and there is a lot of uncertainty in the world which could trigger all sorts of events so it’s probably prudent to keep them the same.”
Nick Pope, managing director at Premier Tech Water and Environment – UK & Ireland, described how his company has pivoted away from manufacturing with great success. He voted to hold: “I would echo Arnab’s comments totally.”
Kevin Brown, group CEO at Pacifica Group, said his business was waiting for the Budget to see what mitigation he might need to take and voted to hold the interest rate: “We need to wait and see what comes out of the Budget.”
You can watch the full discussion via the link below:
