The Bank of England (BoE) has announced its decision on interest rates.

The bank has kept the policy interest rate steady at 4.5%, in line with expectations.

BoE warned against assuming that interest rates would be lowered in the upcoming meetings. Eight out of nine members of the monetary policy committee voted in favor of keeping the policy interest rate unchanged. BoE Governor Andrew Bailey stated, “There is currently a lot of economic uncertainty.” Bailey mentioned that they still believe that interest rates are gradually declining, but they will closely monitor developments in global and local economies in each six-week interest rate-setting meeting.