In much the same way as a fall in inflation doesn't mean the cost of living crisis is over - prices are still rising fast, but not quite as fast as previously - freezing interest rates doesn't mean the impact they have will diminish.
Indeed, at their current level, the Bank believes that interest rates should be considered"restrictive" - so even keeping them at 5.25% is delivering medicine to the economy, bearing down on spending and, the Bank hopes, inflation.
Even so, today's decision is the most convincing signal yet that the Bank may now be close to, or even at, the peak for interest rates. The decision today was so finely balanced that many will wonder whether it will still go ahead and hike rates at its next meeting.But in leaving borrowing costs where they are, the Bank is following a similar path to the European Central Bank -
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