LONDON - The Bank of England was expected to keep its interest rate on hold for a second successive meeting, as Britain battles stubbornly high inflation and weak economic growth.
The BoE announces its decision and latest economic forecasts at midday following a regular policy meeting amid a lingering UK cost-of-living crisis as oil prices rally on the Israel-Hamas war.
On Wednesday, the Federal Reserve left US interest rates at a 22-year high for a second straight meeting as it moved to slow stubborn inflation without damaging the strong US economy. In a widely expected decision, the Fed kept the benchmark lending rate between 5.25 percent and 5.50 percent.
The BoE's rate stands at 5.25 percent -- the highest level in more than 15 years. It paused at its last meeting in September, snapping 14 straight hikes.
The European Central Bank last week left eurozone borrowing costs unchanged after raising them in each of its previous 10 meetings."Several central banks... have reached the point where they are likely hoping that rates have peaked -- but they are simultaneously wary that sticky inflation could force them to take further action," Rabobank analyst Jane Foley told AFP. Bank of England set to hold interest rate
