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Bank of England Join NECC Partners for Discussions on Economy

 

Leading members of the North East Chamber of Commerce were joined by the Bank of England to discuss the latest economic events, including the decision to hold interest rates, at a meeting held recently.

Rosie Smith, North East Agent for the Bank of EnglandLeading members of the North East Chamber of Commerce were joined by the Bank of England to discuss the latest economic events, including the decision to hold interest rates, at a meeting held recently.

NECC Partners met at Rockliffe Hall in May and were joined by Rosie Smith, North East Agent for the Bank of England, who was guest speaker at the meeting.

Ms Smith, who has attended other NECC Partner meetings in the recent past, joined the Agency for the North East in March 2010. Before that, she was Deputy Agent for the East Midlands for nearly 11 years

The agenda was topped by the Bank of England's Monetary Policy Committee's decision to hold interest rates at 0.5% and maintain the level of Quantitative Easing at £350bn.

NECC agreed with this decision, which matches the judgement of the North East Shadow MPC run in partnership between NECC and the Northern Echo.

It was felt that as inflation remains well above the 2% target, but with major risks to growth highlighted by the first estimate of Q1 GDP signalling a technical recession, there would be no justification for raising rates. There were also concerns over the competitiveness of the pound as uncertainty in many European countries affects the euro.

Ahead of the release of this month's inflation report, other discussions focused on the continuing issues across the Euro zone, the forthcoming Olympics and the positive impact it is making across the country and the impacts of public sector spending cuts.

Joanne Fryett, NECC Head of Partners, said:

"Overall the meeting was very positive. The general mood amongst NECC Partners is optimistic but we recognise that conditions are difficult. There are lots to be positive about in the North East at the moment and it is important that we build on these to ensure the North East continues to succeed.

"We are incredibly grateful to Rosie Smith for joining us once again and for providing her expertise and insight into the economy."

NECC Partners are selected to represent businesses across the range of sectors in the North East and are part of an exclusive group of members that work with NECC to influence and shape its agenda.

Whether it be campaigning for improved financial regulations, reporting on new business and innovation opportunities in the North East or supporting the region's businesses to trade on the international stage.

NECC Partners provide expertise and influence on all matters affecting the North East.
To find out more about NECC Partners visit www.necc.co.uk/partners