Interest rates held at 4% as UK ‘not out of woods’ on inflation

The Bank of England said it was being cautious about cutting borrowing costs until it had more evidence that pressures on UK inflation were easing (John Walton/PA) - (PA Wire)

The Bank of England has held interest rates at 4% as it said the UK was “not out of the woods” on inflation, with taxes contributing to rising food costs.

The Bank’s Monetary Policy Committee (MPC) voted to keep rates unchanged, following a 0.25 percentage point cut in August.