Interest rates held at 5.25% by Bank of England for seventh time in a row

The Bank of England has held interest rates at 5.25% for the seventh time in a row. The decision to maintain the cost of borrowing comes despite official figures yesterday which revealed inflation had fallen to the Bank's target of 2% for the first time in nearly three years. However, the move by its Monetary Policy Committee to maintain the current 16-year high in rates had been widely expected by economists and financial markets.

Wednesday's figures from the Office for National Statistics revealed that services inflation - which covers sectors such as the hospitality industry - had only fallen to 5.7% in May, less than expected. The data prompted financial markets to push back their expectations of the Bank's first rate cut of the year from August to September.

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