Uk Government Keep The Base Rate At 5.25%

The Bank of England has held interest rates at 5.25% for the fourth time in a row, but cuts are expected later in the year.

Interest rates move up and down in order to control UK inflation, which has come down sharply in recent months, easing cost-of-living pressures.

However, the UK economy has been stagnating amid increased borrowing costs and other pressures.

Interest rates set by the Bank of England affect mortgage, credit card and savings rates for millions of people across the UK.