Judging by the state of the UK economy, the Bank is done with interest rate hikes

Decision to hold rate at 5.25% will be good news for mortgage holders and firms but reflects dramatic weakening of economic activity

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Bank keeps interest rates on hold at 5.25%

The economy is slowing by more than the Bank of England expected only a few months ago and this trend warrants the first pause in a cycle of interest rate rises going back to December 2021.

This was the message from the Bank's monetary policy committee (MPC) on Thursday after its decision to maintain interest rates at 5.25%.