THE Bank of England should hold interest rates amid ongoing Brexit uncertainty, a business group has urged.

The North East Shadow Monetary Policy Committee (MPC) unanimously voted for the Bank to hold rates at 0.25 per cent.

In a meeting at The Northern Echo’s Darlington offices, MPC members said it would be unwise to make any further changes so soon after Mark Carney cut the rate from 0.5 per cent.

The MPC is a partnership between The Northern Echo, the North East England Chamber of Commerce and Darlington Building Society.

It 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 rate.

Speaking about the impact of the Brexit vote and interest rate cut Anne Elliott, chief executive at Darlington law firm Latimer Hinks, said the region’s business environment was suffering from uncertainty.

She said: “We didn’t know what Brexit meant and we still don’t and people have no confidence.

“I think we will suffer in the short-term or medium-term until we know where we are going.”

David Coates, regional managing director at Newsquest Yorkshire and North-East, which publishes The Northern Echo, added: “There are a lot of ifs and we are where we are.

“I think Brexit was a surprise to the people who were campaigning for it.”

Ajay Jagota, chief executive of KIS Letting Group, said he would like to see the Bank begin plans on how to raise the interest rate, adding indications of trigger points would provide market confidence.

He said: “If I was the Bank, I would want to be setting a road map on how to get rates back up.”

Gillian Marshall, Entrepreneurs’ Forum chief executive, added: “There is still an element of caution from Brexit, so I vote to hold rates for stability.”