The Bank of England has voted to hold interest rates at 4.25 per cent, as they attempt to balance higher inflation and the need to stimulate economic growth.
Rates have been declining since hitting a high of 5.25 per cent, with the most recent cut coming in May, but a series of factors have meant back-to-back cuts were improbable. Along with inflation still remaining at 3.4 per cent last month, the prospect of rising oil prices and wider economic uncertainty through trade tariffs meant the Monetary Policy Committee voted 6-3 in favour of holding rates this time around.
