The Bank of England's Monetary Policy Committee (MPC) has decided to hold its benchmark rate steady at 4.5%. This follows the US Federal Reserve's decision

Cutting interest rates can boost consumer spending by making borrowing cheaper - but the Bank is wary of stoking inflation.

The Bank of England held interest rates at 4.5% and warned against assumptions that they would be cut over its next few meetings as it grappled with deep uncertainty hanging over the British and world economies.