The Bank of England has held its base-level interest rate at 5.25% for the fourth time in a row.
It means the rate of borrowing has not become more expensive as members of the rate-setting Monetary Policy Committee attempt to bring down inflation.
Interest rate decision – live updates
‘Bank rate’ – the interest rate set by the Bank of England which influences the rates commercial banks charge – has been held for the last four meetings of the committee after 14 consecutive hikes brought the rate in August to the highest level since 2008.
The rises were an attempt to bring inflation down.
Latest official figures show inflation stood at 4% in December.
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.
