A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022.
A day after a surprise slowing in Britain's fast pace of price growth, the BoE's Monetary Policy Committee voted by a narrow margin of 5-4 to keep Bank Rate at 5.25%.
"There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally," the MPC said in a statement.
The BoE's decision to pause its rate hikes came a day after the U.S. Federal Reserve also opted to keep borrowing costs on hold.
Last week, the European Central Bank raised rates but suggested it might be the last for now.
Persons:
BoE, Maja Smiejkowska, William Schomberg, Andy Bruce, Suban Abdulla, Jon Cunliffe, Megan Greene, Jonathan Haskel, Catherine Mann, Andrew Bailey, Bailey, BRITAIN BOE
Organizations:
Bank of England, REUTERS, MPC, U.S . Federal Reserve, European Central Bank, Thomson
Locations:
London, Britain