Bank of England warns of ‘heightened uncertainty’ as it keeps interest rates on hold

Associated Press

LONDON (AP) — The U.K.’s central bank has warned about “heightened uncertainty” as it kept interest rates on hold after inflation moved further above target even at a time when the British economy is flatlining at best. The Bank of England’s nine-member Monetary Policy Committee kept its main interest rate unchanged at 4.75% on Thursday with new data showing inflation rising to 2.6%, further above the bank’s 2% target.  That’s a disappointment for many mortgage holders and struggling sectors in the U.K. economy that would be helped by cheaper credit.