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UK interest rates kept on hold at 0.25% UK interest rates kept on hold at 0.25%
(35 minutes later)
The Bank of England's interest rate setting committee has voted to keep rates unchanged at 0.25%. UK interest rates have been kept unchanged at 0.25% by the Bank of England's rate setting committee.
However, one of the nine who sit on the Monetary Policy Committee, Kristin Forbes, expressed concern about rising inflation and voted to raise rates. However, one of the nine who sit on the Monetary Policy Committee (MPC), Kristin Forbes, expressed concern about inflation and voted to raise rates.
It was the first time since July last year that the vote to maintain rates had not been unanimous.It was the first time since July last year that the vote to maintain rates had not been unanimous.
On Wednesday, the US central bank voted to increase its interest rates, its second recent move upwards. On Wednesday, the US central bank voted to increase interest rates, its second recent move upwards.
This breaking news story is being updated and more details will be published shortly. The Bank of England expects the UK economy to grow fairly briskly this year, at a rate of 2%. However, it then predicts a slowdown amid uncertainty surrounding the conditions of the country's withdrawal from the European Union.
Please refresh the page for the fullest version. Against that uncertain background, many economists have predicted that the Bank will leave rates unchanged until at least 2019.
If you want to receive Breaking News alerts via email, or on a smartphone or tablet via the BBC News App then details on how to do so are available on this help page. You can also follow @BBCBreaking on Twitter to get the latest alerts. However, Ms Forbes, who is due to leave the MPC at the end of June, backed a rate rise on the grounds that inflation is "rising quickly and was likely to remain above target for at least three years".
Pound impact
Latest official figures showed the UK's inflation rate rose to 1.8% in January, which is below the Bank's 2% target but the highest rate for two and a half years.
The minutes from the MPC's latest meeting indicated some other committee members might also be close to voting for a rate rise.
The minutes said: "Some members noted that it would take relatively little further upside news on the prospects for activity or inflation for them to consider that a more immediate reduction in policy support might be warranted."
The fall in the value of the pound since the vote to leave the EU has meant goods brought into the country are more expensive.
Earlier on Thursday, the supermarket chain Sainsbury became the latest retailer to warn of the pressure to raise prices.
Other MPC members noted consumers were turning more cautious amid slowing wage growth and rising prices.