IT was pleasing to read Andy Richardson’s interview with Professor David Miles of the Bank of England’s Monetary Policy Committee, highlighting the positivity of the bank and the Treasury with regards the economy (Echo, Sept 30).

The bank has issued its forward guidance, which should allow for a sustained recovery, holding interest rates at a level that will help promote business confidence, employment and progress the recovery. This tactic has been welcomed by members of the North-East Shadow Monetary Policy Committee, which I chair.

I am also seeing positivity among our members regarding the current and future economy.

Prof Miles is right to dismiss talk of another “housing bubble”. Despite an average increase in prices across the country, this is significantly skewed by figures from within London. There is a gulf between house price rises in London and outside the M25, notably the North-East, meaning any actions to artificially stifle this so-called “bubble” would curtail any market growth in this region before it starts.

Talk of a “housing bubble”

will do nothing more than create concern which will negate the benefits of Government policies, such as the Help to Buy scheme.

Heather O’Driscoll Managing Partner, Waltons Clark Whitehill Chartered Accountants and Business Advisers, Hartlepool.