No surprises as Bank of England freezes rates

For the fourth month running, the Bank of England has chosen to maintain interest rates.

The Bank's Monetary Policy Committee today voted to maintain the official rate at 5% in a move that was highly expected by experts, though a hike had not been ruled out altogether.

Inflationary pressures such as last week's hike of energy prices by British Gas and the risk of a recession due to the falling house prices seem to have forced the delicate decision.

"It has come as no surprise that the Bank has opted to hold the rate at 5%," said the Fair Investment Company.

"The committee is still facing a tricky situation whereby inflationary pressure is posing a serious threat to the UK economy, yet Brits are increasingly struggling to pay their bills."

The last time the rate was changed was back in April when a 0.25% increase was applied on the previous figure, bringing it to the current rate.