The Bank of England on Thursday kept its key interest rate at 5.0 percent, deciding against consecutive cuts one day after a bumper reduction from the US Federal Reserve.

The Bank of England on Thursday kept its key interest rate at 5.0 percent, deciding against consecutive cuts one day after a bumper reduction from the US Federal Reserve.

BoE decides against consecutive cuts one day after a bumper reduction from the US Fed

The Bank of England kept its main interest rate unchanged at 5% Thursday despite a big cut from the U.S. Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago.

The Federal Reserve has cut interest rates by a bigger-than-expected 0.5 percentage points in its first reduction in more than four years.

Andrew Bailey, the governor of the BoE, has spelt out the future expectations on rates

U.K. inflation came in at 2.2% for the month of August, data from the Office for National Statistics showed Wednesday.

Sept. 19 (UPI) -- The Bank of England on Thursday held interest rates steady, saying it most work to reach its goal of 2% inflation in a sustainable way.

The Bank of England has maintained its interest rate at 5%, contrasting with the US Federal Reserve’s rate cut to 4.8%. Inflation concerns in the UK, particularly in the services sector, have driven this cautious approach.