Bank of England keeps interest rate unchanged for first time in nearly two years

Bank of England (BoE) on Thursday (September 21) announced that it left the policy rate unchanged at 5.25 percent, resisting market expectations for a 25-basis-point hike during the September policy meeting.

This decision comes on the heels of a series of 14 consecutive rate hikes that commenced back in December 2021, when the interest rates were at a mere 0.1 percent.

In an official statement, the BoE disclosed that during its meeting concluding on September 20, 2023, the Monetary Policy Committee (MPC) cast a vote that resulted in a 5-4 majority in favor of maintaining the Bank Rate at 5.25 percent.