Sharecast - The rate-setting Monetary Policy Committee has left the cost of borrowing unchanged since August. Previous to that it raised rates 14 times from December 2021, as it looked to tackle surging inflation.
The consumer prices index now stands at 4.6%, off last year’s high of 11.1% but well above the BoE’s long-term target of 2%.
Most analysts believe rates have likely peaked for this cycle, but are more divided over when the MPC will start cutting rates again.
The last time interest rates were this high was February 2008.
