Summary

  • The Bank of England has held the base interest rate at 5.25%

  • The Bank's Governor Andrew Bailey says rates "will have to remain where they are now for an extended period"

  • And he says "we will be watching [inflation] closely to see if further increases in interest rates are needed"

  • Alongside the interest rate decision, the Bank has downgraded growth forecasts for the UK economy

  • It expects growth of 0.6% in each of the last two quarters of 2023 compared to a year earlier

  • But it says growth will fall in the first quarter of next year to 0.2%, and then onto 0.0% in the second quarter and beyond

  • The Bank kept interest rates on hold in September after making 14 consecutive rises since the end of 2021

Live Reporting

Edited by Emily McGarvey

  1. What to expect today

    Emily McGarvey
    Live reporter

    Good morning and welcome to our live coverage as we wait for the Bank of England’s latest decision on interest rates at midday.

    The UK’s official interest rate, which is also known as the “base rate”, currently stands at 5.25% - that’s the highest for 15 years.

    Economists widely expect the Bank to leave rates where they are for now - we won’t know until midday.

    Whatever happens, our team of experts will be here to report the decision and explain what it means for mortgages, credit cards, savings and everything else it affects.