The Bank of England has decided against a further interest rate hike for the second consecutive time, maintaining the figure at 5.25%.
The move was widely anticipated by economists and financial markets due to continued signs that the surge in Bank rate imposed on the country to date, to help bring down inflation, is bearing the desired results.
Borrowing costs have been raised since December 2021 to take upwards price pressure out of the economy, helping to ease many elements behind the continuing cost of living crisis.
Interest rates latest: All the reaction to the Bank of England’s decision
While lower inflation is welcome, the Bank’s medicine has had unwanted side effects for households and businesses as mortgages, rents and other bills have been forced sharply upwards.
The rate hike cycle was first paused, after 14 consecutive increases, in September.
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