Bank of England holds base rate

The rate will be held at 5.25 per cent after a fall in inflation

Alex Black
clock • 1 min read
Bank of England holds base rate

The Bank of England (BoE) has announced a hold on interest rates, keeping rates steady at 5.25 per cent. Its Monetary Policy Committee voted by a narrow margin of five to four to hold rates, with four voting for a 0.25 per cent rise.

It follows 14 consecutive interest rate rises as BoE tried to get inflation under control.

Overall inflation fell to 6.7 per cent in the year to August, down from 6.8 per cent in July, according to the Office of National Statistics.

See also: House prices fall for fourth consecutive month as UK sees end to Covid 'country escape' boom

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Food prices including milk, bread and vegetables decreased during the same month but economists had expected a rise following hikes in petrol and diesel prices.

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