Decision to leave borrowing costs at 4.75% was widely forecast, despite worsening picture for economy and jobs

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The Bank of England has kept interest rates on hold amid concerns over rising inflation, despite a worsening economic slowdown and early signs of a slump in the jobs market.

In a decision widely expected in the City, the Bank’s rate-setting monetary policy committee (MPC) voted by a majority of six to three to leave borrowing costs at the current rate of 4.75%.