The Bank of England has held off an interest rate increase for a third consecutive time, a decision that leaves borrowing costs stable.
Its monetary policy committee was widely expected, by both financial markets and economists, to maintain Bank rate at 5.25% due to continuing evidence of easing inflationary pressures.
Data this week showed a big slowdown from the recent record pace of wage growth – a trend the Bank hopes will contribute to further declines in the pace of price growth ahead.
The rate of inflation currently stands at 4.6%.
That is well down from last year’s peak above 11% but remains above the Bank’s inflation target of 2%.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news
