Bank of England holds interest rates at 0.75%

The base rate is the Bank of England's official borrowing rate, which influences what borrowers pay and savers earn. It's currently set at 0.75%, having risen from 0.5% in August 2018.

Some economists had speculated that the base rate would be cut today, due to low levels of inflation and sluggish growth. This would have been bad news for savers with interest rates likely to drop, but would have meant some mortgages would have become cheaper.

However, the Bank has now announced that its nine-member Monetary Policy Committee (MPC) voted 7-2 to keep the rate as it is.