Bank of England holds interest rates as it warns joblessness on rise

Policymakers keep borrowing costs at 4% and warn of persistent weak growth before crucial budget

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The Bank of England has kept interest rates on hold at 4% as it warned unemployment was rising and growth remains weak as Rachel Reeves prepares for her make-or-break budget.

With less than three weeks before the chancellor's highly anticipated tax and spending measures, the Bank's monetary policy committee (MPC) voted by a narrow five-four majority to keep borrowing costs unchanged for a second consecutive meeting.