The Bank of England left its interest rate on hold at 4.5% today amid growing global economic uncertainty triggered by Donald Trump’s trade wars. The Bank’s Monetary Policy Committee (MPC) voted by a majority of 8 to 1 to keep the cost of borrowing unchanged despite the UK’s faltering economic growth.

The Bank of England looks set to keep interest rates on hold on Thursday as it awaits the impact on the economy of U.S. President Donald Trump's trade tariff onslaught and of the British government's imminent tax hike for employers.

Bank of England holds interest rates amid concerns over inflation and Trump tariffs - Interest rate remains set at 4.5 per cent but there are still expectations of cuts this year