Bank of England holds UK interest rates at 0.5%

Decision seemingly based on data showing economy faltering in first few months of 2018

The weaker-than-expected performance of the economy in early 2018 has forced the Bank of England to put back plans for an increase in interest rates until later this year.

One of Gordon Brown's first moves as chancellor in 1997 was to hand control of interest rates to an independent Bank of England. Previously the cost of borrowing had been decided between the chancellor and the governor of the Bank.