The Bank's governor, Andrew Bailey, said policy makers "need to be sure that inflation will stay low and that's why we've decided to hold rates at 5.25% for now".
The decision comes a day after official figures showed the rate of inflation hit the Bank's 2% target in May for the first time in nearly three years, prompting Prime Minister Rishi Sunak to declare "we've got there."
This story is from the June 21, 2024 edition of Manchester Evening News.
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This story is from the June 21, 2024 edition of Manchester Evening News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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