Bank of England holds rates unchanged

The Bank of England decided against a third consecutive monthly rise in interest rates on Thursday 8 July, in a move which was widely expected.

The central bank's nine-member monetary policy committee (MPC) agreed to hold the main short-term "repo" interest rate steady at 4.50 percent at a regular meeting, the highest level since November 2001.

The Bank of England gave no explanation for its decision, as is usual when rates are left unchanged.

The outcome had been expected by a majority of

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