The Bank of England has kept UK interest rates at 4.5%, as policymakers warned that uncertainty over global trade had intensified following new US tariffs. Eight members of the Bank’s nine-person Monetary Policy Committee (MPC) voted to keep rates on hold on Thursday while they assess the impact of economic and political developments around the world.

The Bank of England has decided to hold the interest rate at 4.5%, after cutting it by a quarter of a percentage point last month . The Monetary Policy Committee (MPC) voted by a majority of 8–1 to leave the rate unchanged. One member would have preferred to reduce it by 0.25 percentage points, to 4.25%.