Bank of England leaves rates on hold

(Sharecast News) - The Bank of England left interest rates unchanged at 5.25% on Thursday, as widely expected.

The nine-strong Monetary Policy Committee voted by a majority of six to three to leave the cost of borrowing on hold. Two members voted for a hike while another backed a cut.

It is the fourth consecutive time the rate-setting committee has left rates on hold.

The MPC hiked the cost of borrowing 14 times since the end of 2021, as it looked to tackle surging inflation.

While inflation is now well off its peak, it remains notably above the BoE's long-term target of 2%. The latest data from the Office for National Statistics also showed a surprise uptick in December, to 4% from 3.9% a month previously.