The Bank of England has held interest rates at 5.25% for the third time in a row. Interest rates had been hiked 14 consecutive times hitting a 15 year high of 5.25% in September.

The Bank’s Monetary Policy Committee voted 6-3 to hold rates, with three members wanting to increase the rate to 5.5%.

The Bank’s Governor, Andrew Bailey, commented on the decision saying “there is still some way to go. We'll continue to watch the data closely and take the decisions necessary to get inflation all the way back to 2%.”