Bank of England leaves interest rates on hold

(Sharecast News) - The Bank of England left the cost of borrowing unchanged at 5% on Thursday, as widely expected.

The Monetary Policy Committee, which cut interest rates for the first time in four years in August, opted to leave them unchanged by a majority of 8 to 1.

GDP growth has stalled recently, with data last week showing the economy stagnating for the second consecutive month in July. Analysts had been expecting in a 0.2% uplift.

But data from the Office for National Statistics on Wednesday showed inflation holding steady at 2.2% in August, above the BoE's long-term 2% target, while core inflation and services inflation both accelerated.