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The Bank of England has left its interest rate unchanged at 5.25%, a day after inflation unexpectedly fell by more than expected.

The Bank’s monetary policy committee (MPC) voted 5-4 – the narrowest possible margin – to leave the cost of borrowing unchanged.

Up until the inflation data was released on Wednesday morning, markets had put an 80% probability on them raising the rate by a further quarter percentage point.

Reaction to Bank of England decision – latest updates

By this morning, that probability had sunk to just below 50%.

The decision brings to an end the longest successive period of “tightening” (a lift in the cost of borrowing) in recent Bank of England history – as the MPC raised rates in 14 successive meetings.

The last time the MPC voted to leave interest rates unchanged was in November 2021.

However, the fact that four members – Jon Cunliffe, Megan Greene, Jonathan Haskel and Catherine Mann – voted to raise the cost of borrowing might be seen as a signal that in the coming months the Bank may lift rates again.

The Bank also voted to continue its programme of reversing quantitative easing – the scheme whereby it creates money to buy government bonds and pump cash into the economy.

Analysis: This freeze will still be painful


Ed Conway - Economics editor

Ed Conway

Economics & data editor

@EdConwaySky

It is arguably the most exciting non-event in recent economic history.

Today, for the first time since late 2021, the Bank of England voted to leave borrowing costs unchanged.

Now in some senses, this is indeed a non-event. Interest rates are no higher than they were yesterday, but the cost of borrowing remains painfully high for many households.

Those due to refinance their mortgages in the coming months will still see a sharp increase in their rates compared with two or five years ago. The cost of living crisis is still with us.

Read Ed’s full analysis here.

It said over the next year it will sell off a further £100bn of bonds, cutting its total asset pile down to £658bn.

The Bank of England governor, Andrew Bailey, said: “Inflation has fallen a lot in recent months, and we think it will continue to do so.

“That’s welcome news. But there is no room for complacency. We need to be sure inflation returns to normal and we will continue to take the decisions necessary to do just that.”

Governor of the Bank of England Andrew Bailey attends a press conference for the Monetary Policy Report
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Andrew Bailey voted to maintain Bank rate at the 5.25% level

Ahead of the meeting, economists had been torn on whether the promise of falling inflation would outweigh the Bank’s concerns about rising wage inflation.

It has previously cited both of these statistics as key things to watch.

In the event, the five members who voted to leave rates unchanged judged “the latest developments meant that the judgement to keep Bank rate unchanged at this meeting rather than increase it was finely balanced” – according to the minutes of the MPC.

“Conditions were likely to warrant a restrictive policy stance being maintained until material progress had been made in returning inflation to the 2 per cent target.”

That signals that there is still a significant chance that Bank rate rises again, and that even if it doesn’t, it is unlikely to come down very quickly.

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Reward of £20,000 offered to identify parents of three siblings abandoned as babies over eight years

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Reward of £20,000 offered to identify parents of three siblings abandoned as babies over eight years

A £20,000 reward is being offered for information that leads to the identification of the parents of three siblings found abandoned in London over eight years.

The Metropolitan Police said that despite more than 450 hours of CCTV being reviewed, the parents of the three children, known as Elsa, Roman and Harry, remain unidentified.

However, it is believed their mother has lived in an area of east London “over the past six years”.

Elsa was believed to be less than an hour old when she was found by a dog walker on 18 January last year, in East Ham, east London.

In the months that followed it was found that she had two siblings who were also abandoned in similar circumstances, in the same area of London, in 2017 and 2019.

On Saturday, police said the independent group Crimestoppers had offered a £20,000 reward for information passed to the charity, which will expire on 18 April.

Detective Inspector Jamie Humm, of the Met’s child abuse investigation team, said: “We have carried out extensive inquiries over the past year to try and locate Elsa’s parents.

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Baby Roman. Pic: Met Police
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Baby Roman. Pic: Met Police/PA

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“This has involved reviewing over 450 hours of CCTV and completing a full DNA structure of the mother.

“We have serious concerns for the wellbeing of the parents, especially the mother, and are continuing to work closely with Newham Council and appeal for the public’s help for information.

“I believe that someone in the area will have been aware of the mother’s pregnancies and that within the community there may be (or) have been concerns for this mother’s welfare.

“Thanks to the DNA work of forensic colleagues, police will be able to eliminate any unconnected person quickly and easily, as such I would ask you to contact police with confidence.”

 Newborn baby found in east London
Police and Community Support Officers at the junction of the Greenway and High Street South in Newham, east London, where a newborn baby was found in a shopping bag by a dog walker. The girl, who police say is well and not injured, was discovered wrapped in a towel and inside the bag on Thursday evening. Picture date: Friday January 19, 2024.
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Picture by: Yui Mok/PA Wire/PA Images
Date taken: 19-Jan-2024
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The baby was found at the junction of Greenway and High Street South in Newham. Pic: PA

Elsa was found wrapped in a towel in a reusable shopping bag, of which police have also released a new image, and was kept warm by the dog walker. She was uninjured.

Police said at the time that it was “highly likely” that she was born after a “concealed pregnancy”.

The Boots bag in which Baby Elsa was found abandoned by a dog walker in Newham on 18 January 2024. Pic: Met Police/PA
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The Boots bag in which Baby Elsa was found abandoned by a dog walker in Newham on 18 January 2024. Pic: Met Police/PA

The BBC reported that at an initial court hearing, East London Family Court was told it took doctors three hours to record Elsa’s temperature because of the cold, and the Met Office said that temperatures dropped to as low as -4C on the night she was found.

Hospital staff named her Elsa in a reference to the character from the film Frozen.

The police investigation into the identity of the children’s parents continues, and anyone with information is asked to call police on 101 or post @MetCC ref Operation Wolcott.

People can also contact Crimestoppers anonymously at any time on 0800 555 111 or via Crimestoppers-uk.org.

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Ellis Cox: Mother appeals to catch son’s killer on birthday anniversary

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Ellis Cox: Mother appeals to catch son's killer on birthday anniversary

Fresh appeals have been made for information on what would have been the 20th birthday of Ellis Cox, who was shot dead in Liverpool last June.

A number of people have been arrested in connection with the murder at Liver Industrial Estate, but no one has been charged yet.

The 19-year-old’s family and police have paid tribute to him and called for those with information to come forward.

He was shot in the back after a confrontation between his friends and another group of up to three males on Sunday 23 June.

Pic: Merseyside Police
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Ellis Cox who was shot dead in June 2024. Pic: Merseyside Police

His mother Carolyn paid tribute in an appeal to coincide with what would have been his 20th birthday.

“He was so kind… so laid back, so calm, so mature for his age. And he was just funny. Very funny.

“He was my baby… no mum should have to bury a child. He was my life. And I don’t know what to do without him.”

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Mother of Ellis Cox, Carolyn Cox (blonde hair) and his aunt Julie O'Toole speaking on what would have been Ellis' 20th birthday. He was shot on 23/06/2024 at Liver Industrial Estate
INGEST 28 NM20 GRANADA ELLIS COX FAMILY INTERVIEW POOL EMBARGOED UNTIL 0001 18 JAN 2025
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Mum Carolyn Cox (left) and aunt Julie O’Toole (right) are looking for answers

Pic: Merseyside Police
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Ellis’ mum described him as ‘kind” and “funny. Pic: Merseyside Police

Meanwhile, his aunt Julie O’Toole said he was “the sort of person I think you’d be hard pressed to find anyone to say anything negative about. He was loyal, fiercely loyal… everything was about his family”.

To pay tribute to Ellis, Liverpool City Council will be lighting up the Cunard Building and Liverpool Town Hall in orange on Saturday.

Detective Chief Inspector Steve McGrath, the Senior Investigating Officer, speaking about fatal shooting of Ellis Cox on 23/06/2024 at Liver Industrial Estate
INGEST 28 NM20 GRANADA ELLIS COX FAMILY INTERVIEW POOL EMBARGOED UNTIL 0001 18 JAN 2025
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DCI Steve McGrath does not believe Ellis was involved in criminality

Detective Chief Inspector Steve McGrath, the senior investigating officer, spoke about the information gathered so far, six months on from Mr Cox’s murder.

“I’m satisfied that the group that he was with was probably the target… and I would say that’s got something in relation to do with localised drug dealing in that area. But Ellis had no involvement in that whatsoever,” he said.

He added that police are looking for “really significant pieces of evidence now”, including “trying to recover the firearm that was used in relation to this, looking to recover the bikes that were used by the offenders”.

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Mrs Cox also appealed for people to come forward with information.

“If you know anything, don’t let us get to [his] next birthday and still know nothing.

“We need to get justice for Ellis. And we need to get the people who took him from us off the streets.”

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Manchester United legend Denis Law dies aged 84

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Manchester United legend Denis Law dies aged 84

Former Manchester United and Scotland footballer Denis Law has died, at the age of 84.

In a statement, his family said: “It is with a heavy heart that we tell you our father Denis Law has sadly passed away. He fought a tough battle, but finally, he is now at peace.

“We would like to thank everyone who contributed to his wellbeing and care, past and much more recently.

“We know how much people supported and loved him and that love was always appreciated and made the difference.”

Denis Law in 2005. Pic: PA
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Denis Law in 2005. Pic: PA

The Aberdeen-born footballer previously announced in August 2021 that he had been diagnosed with dementia.

A prolific striker, Law scored 237 goals in 404 appearances for Manchester United, for whom he signed for a then-British record transfer fee in 1962.

He is the only man to have two statues dedicated to him at Old Trafford – one on the Stretford End concourse, the other as part of the United Trinity statue overlooking the stadium’s forecourt beside fellow great George Best and Sir Bobby Charlton.

Denis Law, third from left, as a statue featuring him alongside Sir Bobby Charlton and George Best - known as the 'holy trinity' was unveiled in 2008.
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Denis Law, third from left, as a statue featuring him alongside Sir Bobby Charlton and George Best – known as the ‘holy trinity’ – was unveiled in 2008. Pic: AP

The only Scottish player to have won the Ballon d’Or award, in 1964, he was also part of United’s triumphant campaign in the 1968 European Cup – in which they became the first English club to ever win the competition.

In a statement, the club said: “Everyone at Manchester United is mourning the loss of Denis Law, the King of the Stretford End, who has passed away, aged 84.

“He will always be celebrated as one of the club’s greatest and most beloved players.

Denis Law, centre, during Manchester United's triumphant European Cup campaign in 1968. Pic: AP
Image:
Denis Law, centre, during Manchester United’s triumphant European Cup campaign in 1968. Pic: AP

“The ultimate goalscorer, his flair, spirit and love for the game made him the hero of a generation. Our deepest condolences go out to Denis’s family and many friends. His memory will live on forever more.”

Wayne Rooney, former United captain and the club’s all-time record goalscorer, described Law as a “legend”.

“Thoughts with all Denis’s family and friends,” he said in an online post.

Another former United captain, Gary Neville, said: “A great footballer and a great man. It’s a privilege and an honour to have spent time in your company. The King of the Stretford End.”

A tribute from the Scotland national team said Law was “a true great”.

“We will not see his likes again,” it said.

Law also played for Huddersfield Town, Manchester City, and Italian club Torino during his club career, and made 55 appearances for Scotland, scoring 30 goals for his country.

Manchester City said in a post on X: “The whole of Manchester, including everyone at City, is mourning with you. Rest in peace, Denis.”

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