The Bank of England has warned against complacency after its interest rate was frozen at 5.25%.
Governor Andrew Bailey said he is determined to bring inflation back down to the target level of 2% – but with current rates at 6.7%, he added that “the job isn’t done yet”.
And amid speculation that the Bank’s base rate could now be close to peaking, he warned: “I can tell you we have not had any discussion on the Monetary Policy Committee about reducing rates because that would be very, very premature.”
The decision to leave the interest rate unchanged came a day after inflation unexpectedly fell by more than expected.
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