Property Renovations Ely Ltd

The Bank of England’s Monetary Policy Committee opted to leave rates unchanged after weighing up the twin threat of rising inflation and the sharp slowdown in the British economy, which is increasingly at risk of sliding into recession.

The decision to hold rates was widely expected by economists, who argue that a rate hike would have sent the struggling economy into a deep downturn, while a cut would indicate that the Bank is less worried about inflation, even though it stands at 3.8pc, way ahead of its 2pc target.