BoE holds interest rates steady at 3.5%

The Bank of England (BoE) has left its key interest rate steady at a 48-year low of 3

The Bank of England (BoE) has left its key interest rate steady at a 48-year low of 3.5 per cent for the third month running, as expected.

Analysts predicted the bank would do nothing after its most recent rate cut in July.

Since that reduction, economic data has been generally strong, suggesting the economy is recovering. But data on the manufacturing sector this week was weak, effectively killing off speculation of any rate hike in the short term.

The BoE made no statement accompanying its decision.