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Bank of England leaves interest rates unchanged

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manchestereveningnews.co.uk

The Bank of England has confirmed that interest rates will be frozen at 5.25 per cent for the seventh time in a row. The decision was confirmed during the Monetary Policy Committee (MPC) meeting today (June 20), when members voted to maintain the current rate of 5.25 per cent.

Two members voted to cut rates by 0.25 percentage points, while seven voted to leave rates unchanged. It is now the seventh time in a row that the BoE has decided to leave rates unchanged after it was raised last August to help drive down inflation figures at the time. Read more: 'He was such a good person.

You would just never imagine something like this would happen' The decision comes a day after official figures showed the rate of inflation hit the Bank’s 2% target in May for the first time in nearly three years, prompting the Prime Minister to declare “we’ve got there” after the milestone was reached.

Bank of England governor Andrew Bailey said policymakers "need to be sure that inflation will stay low and that's why we've decided to hold rates at 5.25% for now".

Read more on manchestereveningnews.co.uk
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