The Bank of England has kept borrowing rates unchanged despite mounting worries over the state of the United Kingdom economy and, unlike the US Federal Reserve, it showed little sign that it is contemplating cutting them anytime soon. The UK central bank left its main interest rate at a 15-year high of 5.25 per cent, where it has stood since August following the end of nearly two years of hikes. Six of the nine members of the Monetary Policy Committee voted to keep rates on hold while three wanted a quarter-point hike. While the interest rate increases have helped in the battle against inflation, the squeeze on consumer spending,…
