Bank of England keeps interest rates at 4.25% but hints at cuts to come

Governor says rates still on downward path but hard to predict timing of reductions in highly unpredictable' world

• Rate decision leaves Reeves praying for an August cut

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The Bank of England has left interest rates on hold at 4.25%, though it signalled further cuts in the cost of borrowing later this year after clearer evidence" of rising unemployment amid a slowing economy.

Six members of the Bank's nine-member monetary policy committee (MPC) voted to keep rates on hold while three supported a reduction to 4%, to add to the four quarter-point cuts since last August.