Bank of England leaves interest rates unchanged

(Sharecast News) - The Bank of England left interest rates on hold at 4.75% on Thursday, in a move widely expected following a recent uptick in inflation.

In its last meeting of the year, the Monetary Policy Committee voted by a majority of six to three to leave the cost of borrowing unchanged.

The MPC has trimmed rates twice this year, each time by a quarter point, after record inflation eased significantly.

However, it still remains above the BofE's long-term target of 2%, and rose for the second consecutive month in November, to 2.6%.

In particular, the MPC has long-flagged concerns about sticky service sector inflation, which stood at 5.0% last month.