Why the Bank of England is holding rates despite a weakening economy | Phillip Inman

Rising unemployment and falling inflation made a strong case for a cut but Andrew Bailey opted to wait and see

• Bank of England keeps interest rates on hold

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When unemployment is rising and inflation falling, the Bank of England would, under normal circumstances, cut the cost of borrowing.

Add to the mix a faltering economy and the public might reasonably expect a reduction in interest rates to lift their spirits.