| The Bank of England's Monetary Policy Committee has held interest rates steady at 5% for the 5th consecutive month.
With the economy reportedly heading for recession, there is an expectation for rates to be cut later in the year.
"The MPC's widely-anticipated decision today, to keep rates on hold at five per cent, is understandable. In the face of rising inflation, the MPC must maintain credibility," stated David Kern, Economic Adviser to the British Chambers of Commerce.
"A major recession can still be prevented if prompt action is taken. The MPC should start cutting interest rates promptly in the next few months, as soon as UK inflation peaks."
Inflation is currently over 4%, with the Bank of England's target figure being only 2%, and economic growth has halted.
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