James Mills is a web developer in the North East of England and founder of Refresh Teesside »
Mike Hughes is the Head of Business for the Evening Gazette. He will be blogging on all matters of importance to Teesside businesses - and some that are just worth knowing »
Jez Davison, business writer at the Evening Gazette, is a regular blogger on all things business - particularly finance, entrepreneurship and the state of the Teesside economy » 
Karen McLauchlan is the Evening Gazette's deputy business and features editor - with special interest in all things industry, property and arts related » 
Jeremy Middleton is a venture capitalist and the co-founder of FTSE-200 company HomeServe » 
Deloitte, which has 23 offices across the UK including Newcastle, is among the country's leading professional services firms » 
ClimateNE & Climate Change Schools Project support the move to a low-carbon, resilient economy and help businesses avoid risk and realise commercial opportunities. Posts by Jen Atkinson, Krista McKinzey and Harriet Thew » It's disappointing, though not exactly unexpected, to see interest rates raised once again today - the fifth time in the space of a year.
It's understandable that the MPC has decided to do this - there are enough inflationary pressures in the economy to prompt its members to act.
The problem is that a hike in interest rates is the only tool they have at their disposal.
And while it may help put a lid on house prices and consumer spending in the over-heating South East, it also piles pressure on businesses in the North East, where the economy needs to continue growing at its recent impressive rate.
New chancellor Alistair Darling has to start pulling at some different levers, rather than leaving it all down to the MPC. Otherwise, the memory of Eddie George will begin to loom large.
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