Interest Rates

Bank of England keeps rates at 5.25% for third time in a row

Governor indicates indicates that interest rate cuts are unlikely in near future as efforts to reduce inflation continue

Andrew Bailey, governor of the Bank of England. ‘We’ve come a long way this year, and successive rate increases have helped bring inflation down from over 10% in January to 4.6% in October, but there is still some way to go.’ Picture: Getty

The Bank of England has held interest rates at 5.25 per cent for the third time in a row and indicated cuts are unlikely in the coming months.

Governor of the bank, Andrew Bailey, stressed that there is “still some way to go” in policymakers’ efforts to drag inflation down as the central bank said policy is likely to remain “restrictive for an extended period of time”.