BOE keeps main interest rate on hold at 5% despite Fed rate cut

The Bank of England (BOE) has kept its main interest rate unchanged at 5 per cent despite a big cut from the US Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago.

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The decision Thursday was widely expected amid ongoing concerns about inflation within the bank's monetary policy committee, particularly the elevated levels in the crucial services sector, which accounts for around 80 per cent of the British economy.