Bank of England interest rates may still rise again, despite first hold in nearly two years

despite expectations it would rise slightly to 7.1 per cent.

The Bank admitted in its minutes that there were signs of “weakening economic activity,” with GDP only expected to rise by 0.1 per cent in the third quarter of this year, as opposed to the 0.4 per cent forecast in last month’s rates. Commenting on the decision, Bank of England Governor Andrew Bailey, who personally voted to hold rates, said: “There is no room for complacency. We need to be sure inflation returns to normal and we will continue to take the decisions necessary to do just that.”

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