The Bank of England voted to keep UK interest rates on hold at a record low of 0.1 per cent today, spelling more bad news for cash savers.
Many City experts had expected the BoE to hike interest rates at today’s crux vote, and some banks and building societies have already upped interest rates on certain mortgage deals.
The pound fell following the BoE’s announcements, with sterling currently at $1.35 against the US dollar. The FTSE 100 index closed up 0.43 per cent or 31.02 points to 7,279.91 this afternoon.
The US Federal Reserve last night said it would start scaling back its massive pandemic stimulus package as countries around the world grapple with rising inflation.
America’s central bank plans to start tapering the £88billion a month bond-buying programme it launched last year to inject money into the economy.
Britain’s competition watchdog has today ordered JD Sports to sell Footasylum after a detailed probe found that the takeover could lead to ‘a substantial reduction in competition’.
The sportswear brand responded with a statement that said the decision to prohibit the acquisition ‘defies logic’, adding that it was studying the report in detail before considering further options.
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The Bank of England’s Monetary Policy Committee kept UK interest rates on hold today
