Interest rates: Why did the Bank stick to 4% and what does it mean?

Bank of England governor Andrew Bailey, centre, during a press event after the rates were held at 4% (Maja Smiejkowska/PA) - (PA Wire)

The Bank of England has kept interest rates at 4%, despite some economists predicting that the central bank would opt for a cut.

In a tight decision, five of the nine-strong committee of rate-setters voted in favour of maintaining the interest rate.