Interest rates decision: Bank of England holds interest rates at 5.25% - BBC News
Bank governor Andrew Bailey says "we've come a long way" in bringing down inflation, but there is "still some way to go".
Economists are reacting to the Bank of England's decision, as well as the language it has used to forecast coming inflation and interest rates.

As a reminder, central bank Governor Andrew Bailey said earlier that he could not say definitively whether inflation had peaked, and that it is "too soon" to start thinking about cutting interest rates.

Suren Thiru, the economics director at chartered accountants group ICAEW, said the Bank was being "unnecessarily hawkish" in its language on the outlook for interest rates.

He said this was "unnecessarily damaging an already struggling economy" by "raising fears that it will keep rates high for too long".

He believes the interest rate decision is "confirmation" that the bank's hiking cycle is "completed".

In contrast, chief economic adviser to the Allianz group Mohammed El-Erian said the central bank looks "hawkish" but is "more realistic" than the Federal Reserve in the US - which indicated interest cuts to come in 2024.

He believes the UK has hit a "flat peak" of inflation and it's "going to stay here for a while before coming down".