URGENT: BOE holds interest rate at 5%

The Bank of England (BOE) decided on Thursday to keep interest rate at 5 per cent.

The BOE’s decision is driven by the need to curb persistent inflationary pressures, ensuring inflation expectations remain anchored.

British inflation, currently at 2.2 per cent, is expected to rise slightly toward the end of the year due to energy price comparisons. The MPC highlighted the importance of keeping monetary policy restrictive to achieve inflation targets in a sustainable manner.

Despite steady global growth, uncertainties remain, and the MPC will continue to evaluate the risks of inflation persistence at each meeting.

Attribution: The Bank of England (BOE)

Subediting: Y.Yasser