Decision follows 14 consecutive rises and fall in inflation as concerns grow over strength of economy
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The Bank of England has kept interest rates on hold for the first time in almost two years, leaving borrowing costs at 5.25% amid growing concerns over the strength of the UK economy.
In a critical week for the economy, the Bank’s monetary policy committee halted the cycle of rate hikes – after 14 consecutive rises since the end of 2021 – over concerns about the economy and after figures on Wednesday showed a surprise fall in inflation.
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