Despite speculation that the Bank of England may reduce the interest rate, the Monetary Policy Committee (MPC) voted 8-1 for the rate to remain at 0.5%.

Bank of EnglandFinancial markets had priced in an 80% chance of a rate reduction. The Sterling rose against the Dollar after this news.

The rate has remained at 0.5% since March 2009 and this is the longest period it has remained unchanged.