Bank of England keeps interest rates on hold at 5.25%

The decision to leave rates unchanged for a fifth time comes despite UK recession and steep fall in inflation in recent months

The Bank of England has left interest rates unchanged at 5.25% despite the UK entering recession at the end of last year and a steep fall in inflation over recent months.

In a widely expected decision, the central bank’s monetary policy committee (MPC) held rates for a fifth consecutive time, judging that it needed to wait until inflation fell closer to its 2% target before bringing down the cost of borrowing.

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