Bank of England leaves interest rates unchanged

The Bank of England has confirmed that interest rates will be frozen at 5.25 per cent for the seventh time in a row.

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. 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.

A summary from the MPC read: "As part of the August forecast round, members of the committee will consider all the information available and how this affects the assessment that the risks of inflation persistence are receding."

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