Interest rates are frozen

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The widely-expected decision from policymakers came after a month of turmoil in financial markets and signs of easing inflation.

Homeowners have endured five hikes in interest rates since August last year, adding around £80 to a £100,000 mortgage.

But despite the recent uncertainty, economists said rates could still reach 6% by the end of the year.

Retailers said the Bank had "made the right decision" to hold rates and cautioned against any further rises, saying the next move should be a cut to ease the squeeze on consumers and boost high street spending.

British Retail Consortium (BRC) director general Kevin Hawkins said: "With clear evidence that previous rate rises and higher living costs are now squeezing disposable incomes and undermining retail sales, another rise would have piled on pointless pain."

The British Chambers of Commerce added that the Bank's Monetary Policy Committee (MPC) "should not rule out" a rate cut.

Economic adviser David Kern said: "Simply keeping rates on hold today is not enough, if the decision is interpreted as a mere short-lived postponement.

"The MPC must acknowledge that further interest rate increases should now be off the agenda, at least for the time being."

The MPC opted to wait and see at today's meeting after global stock markets were rocked by fears over exposure to higher defaults from US sub-prime mortgages, involving borrowers with poor credit records.