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Gary Ellis, partner at Clive Owen LLP THE North East Shadow Monetary Policy Committee (MPC) had inflation on its mind this month – but members were not inclined to increase interest rates immediately. Although there are positive signs in the economy, many felt that it was too soon to consider any change at this time. The MPC is a partnership between The Northern Echo and Clive Owen LLP, which 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. Gary Ellis, partner at Clive Owen LLP, said: “Until the furlough scheme ends later in the year and we know the full impact of that it is too early to change interest rates.