Commenting on today’s interest rates decision by the Bank of England’s Monetary Policy Committee, David Kern, BCC Chief Economist, said:

“The MPC’s decision to maintain current rates wasn’t surprising given the turmoil seen in global financial markets in recent months.

“The slowing pace of wage growth in recent months provides further evidence that UK inflationary pressures remain muted, which along with weakening growth in China and the US strengthens the case for the Bank of England to persevere with its current low interest rates policy for the foreseeable future.”