The Bank of England (BoE) has kept its interest rate unchanged at 4.5%, maintaining a “cautious” approach with intensified fears of global trade uncertainty. The central bank paused the rate cuts but left the possibility of future reductions open,

The BoE Monetary Policy Committee (MPC) held interest rates at 4.50% following the latest policy meeting which was in line with consensus forecasts. As far as the vote is concerned, there was an 8-1 vote for the decision with Dhingra voting to cut rates by a further 25 basis points to 4.25%.

The Bank of England has held interest rates at 4.5% offering a little relief for savers who are being hit by falling returns.