Bank of England leaves interest rates on hold at 5.25%

Source: United Press International

“Britain’s central bank kept interest rates on hold on Thursday, saying it needed to see more proof that inflation was falling before cutting the cost of borrowing. The Bank of England’s monetary policy committee voted in a split 7-2 decision to maintain its base rate at 5.25%, despite annual inflation falling to 3.2% in March from a peak of 11.1% in October 2022, Threadneedle Street said in a news release. The bank said the pace at which prices were rising remained above its 2% target and while it expected inflation to return to target in the next couple of months, it was concerned about ‘upside risks’ to the inflation outlook from geopolitical factors, including potential impacts on the oil price from events in the Middle East.” (05/09/24)