Bank of England leaves interest rates on hold at 4%

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The Bank of England has left interest rates unchanged at 4% in a setback for borrowers and the Chancellor.

The Bank’s Monetary Policy Committee (MPC) voted by 5 to 4 in a knife-edge decision to keep the cost of borrowing on hold for at least one more month.

Four members - Sarah Breeden, Swati Dhingra, Dave Ramsden and Alan Taylor - wanted to reduce the rate by 0.25% to 3.75% but they were outvoted by the rest of the MPC.

The decision will come as a disappointment for Rachel Reeves who had hoped for one more cut before she reveals what looks certain to be tax increa