Decision follows 14 consecutive rises and fall in inflation as concerns grow over strength of economy
The Bank of England has kept interest rates on hold for the first time in almost two years, leaving borrowing costs at 5.25% amid growing concerns over the strength of the UK economy.
In a critical week for the economy, the Bank’s monetary policy committee halted the cycle of rate hikes – after 14 consecutive rises since the end of 2021 – over concerns about the economy and after figures on Wednesday showed a surprise fall in inflation.
