Surprise! Bank of England hold rates steady at 5.25%

UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE).

The decision comes a day after figures revealed an unexpected slowdown in UK nflation in August 2023.

The Bank had previously raised rates some14 times in a row to tackle inflation, leading to increases in mortgage payments, business loans and consumer borrowing. But it also delivered higher savings rates.

The inflation target for the Bank of England is 2%

The latest move raises the prospect that this cycle of rate increases may have peaked.

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