Bank of England holds interest rate at 5 per cent despite US Fed rate cut | Future UK rate outlook

The Bank of England has kept its main interest rate steady at 5%, despite a significant cut by the U.S. Federal Reserve. This decision was largely expected due to inflation concerns, particularly in the services sector, which represents 80% of the British economy. Inflation in the U.K. remained at 2.2% in August, still above the bank's target.