Millions of borrowers will be breathing a sigh of relief following the decision by the Bank of England’s Monetary Policy Committee (MPC) to keep interest rates on hold at 5%.

This had been widely expected by the City: the consensus among economists had been that Bank rate would be left unchanged this month, although some warned a 0.25 percentage point increase could not be ruled out, particularly as the European Central Bank voted for a quarter point rise in interest rates last week. Clare Francis reports...

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