Bank Of England Freezes Rate As Inflation Stays High

Bank of England Governor Andrew Bailey said policymakers need 'more evidence' that inflation is set to fall to two percent before they lower interest rates (Credit: AFP)

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.

At a regular policy meeting, the BoE left its rate at 5.25 percent, the highest level for 16 years.