UK interest rate freeze ends run of 14 straight increases

In a surprise move, UK interest rates have been left unchanged after the Bank of England said price rises were slowing faster than expected.

Interest rates were held at 5.25%, already their highest for 15 years.

It comes after figures on Wednesday revealed an unexpected slowdown in inflation in August.

“Inflation has fallen a lot in recent months, and we think it will continue to do so,” said Bank governor Andrew Bailey.

There were also "increasing signs" that higher rates were starting to hurt the UK economy, the Bank said.

The Bank has raised rates for the past 14 times in a row in its battle to tame inflation - the rate at which prices rise - which remains much higher than usual.

—BBC