The Bank of England has decided not to raise interest rates. There had been much speculation that the rate of borrowing would rise from 0.1% to 0.25% in response to rising inflation but - not yet - the UK economy is not ready.
The rate will remain at this record low of 0.1% which was reduced in March to help support the UK economy after a year of lockdowns. But as restrictions have eased UK consumers are back resulting in a spike in demand which has in turn resulted in supply chain issues as well as - inflation.
Increasing the interest rate can help control spiralling prices which is why many has predicted a rise today.
Officials voted 7-2 in favour of leaving borrowing costs where they are right now siting the ongoing supply chain disruptions, a lack of data showing the real impact of the end of the furlough scheme on the labour market and weaker than expected economic growth.
And the bank will finish the final leg of its QE programme, which is done to keep the economy ticking over artificially, taking bond purchases to £895bn in total.