LONDON — The Bank of England on Thursday kept its main interest rate at a 16-year high of 5.25%, even though inflation has fallen to its target of 2%.
Seven members voted for no change while two voted for a rate cut. The vote was consistent with that seen at the bank’s meeting last month. Interest rates have been unchanged since August after a series of hikes. “The committee noted that the timing of the general election on 4 July was not relevant to its decision at this meeting, which would as usual be made on the basis of what was judged necessary to achieve the 2% inflation target sustainably in the medium term,” it said.
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