Bank of England leaves rates unchanged

The Bank of England's monetary policy committee decided this afternoon to leave interest rates unchanged at 3.75 per cent.

The Bank of England's monetary policy committee decided this afternoon to leave interest rates unchanged at 3.75 per cent.

The decision had been expected after economists warned that any further cuts could send borrowing levels dangerously high and leave many Britons with excessive debt.

The Bank of England surprised economists last month when it cut interest rates to their lowest level since 1955.

At the time, it said that the decision was "pre-emptive", and subsequent gloom from the manufacturing sector seemed to substantiate the decision.