The Bank of England froze its key interest rate Thursday for a fourth meeting in a row, matching US Federal Reserve policy, as high inflation prevents cuts to borrowing costs.
The BoE said in a statement it had left its rate at 5.25 percent, the highest level for 16 years, following a regular policy meeting.
BoE governor Andrew Bailey said there was a “need to see more evidence that inflation is set to fall” to the bank’s “2.0-percent target, and stay there, before we can lower interest rates”.
UK annual inflation stands at 4.0 percent after inching up from 3.9 percent, according to the latest official data.—AFP
