The Bank of England has maintained interest rates at 4%, with Governor Andrew Bailey warning that the UK is "not out of the woods yet" regarding rising inflation. This decision comes as inflation remains significantly above the Bank's target.

• Interest rates were held at 4%, above the Bank's 2% target inflation rate.
• The Bank of England will reduce its government debt holdings at a slower pace, from £100bn to £70bn annually starting in October.
• Two out of nine members of the Monetary Policy Committee (MPC) voted to cut rates to 3.75%.
• The Bank of England amassed £875bn worth of government bonds during crises.