Bank of England votes to keep interest rates on hold again


The Bank of England kept interest rates on hold once again and signalled the cost of borrowing will not rise for at least another year, amid global growth concerns and ultra-low UK inflation.

Member of the Bank's nine-strong Monetary Policy Committee (MPC) voted eight to one to leave rates on hold at 0.5%, where they have remained for more than six years.

The Bank, which also published its quarterly inflation forecast, downgraded its growth outlook slightly to around 2.7% for 2015, down from 2.8%, while also cutting it next year to 2.5% from 2.7%.

The report suggested rates will not rise until 2017, which will be good news for borrowers but heap further misery on savers.

BOE's Big Day: What Will Mark Carney Do?