The Bank of England has kept interest rates on hold as it warned UK growth is on the brink of stagnation amid the fallout from Rachel Reeves’s budget and threat of Donald Trump reigniting global trade wars.
Reflecting heightened concerns over stubborn inflation, the central bank’s rate-setting monetary policy committee (MPC) voted by a majority of six to three to leave interest rates unchanged at 4.75%, prolonging the pressure on households and businesses from elevated borrowing costs.
