Bank of England holds UK interest rates at 0.5%

The Bank of England has kept interest rates unchanged at 0.5% in response to recent data showing the economy faltering in the first few months of 2018.

In a move expected by the City, the Bank’s nine-strong monetary policy committee said there would be no immediate increase in borrowing costs.

The MPC had until a month ago been signalling that a May increase in interest rates was a possibility but has rowed back after growth in the first quarter was an unexpectedly weak 0.1% and inflation fell more rapidly than expected.

More details to follow …