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Bank of England keeps UK interest rates on hold at 0.1%
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The Bank of England has left official interest rates unchanged at 0.1%.
Despite a surge in inflation, the Bank’s nine-strong monetary policy committee (MPC) has decided to leave the cost of borrowing at the emergency level that it has been at since the start of the Covid-19 pandemic.
The decision came as a surprise to the financial markets, which had been expecting the MPC to respond to the price pressures caused by the reopening of the economy following lockdown.
However, the Bank said it believed the surge in inflation would be temporary and a wait-and-see approach to interest-rate rises was justified.
More details to follow …
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