Today the Bank of England announced its decision to hold interest rates at 5.25 percent for the ninth month in a row.

The announcement was made at noon. There are nine members of the Monetary Policy Committee (MPC) which sets the base rate.

Last month one member voted for a cut in the base rate, but this month this increased to two.

City experts said the MPC appears to be edging towards cutting rates, which would be a relief to mortgage holders who have suffered devastating monthly repayments…