Bank of England follows US Fed in keeping interest rates on hold and failing to signal imminent cuts

By PAN PYLAS
Associated Press

LONDON (AP) — The Bank of England has kept its main interest rate at a near 16-year high as inflation remains too high for comfort. In a statement Thursday, the bank said it had maintained its key rate at 5.25%, where it has stood since August last year. Like the U.S. Federal Reserve a day earlier, it gave no signal that it is getting close to cutting borrowing costs anytime soon. Bank of England Gov. Andrew Bailey said there had been “good news” on inflation in recent months but that at 4%, it’s still double the bank’s goal.