Bank holds interest rate at 4.75%

The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move.

Rates went up five times from November 2003 - as the bank sought to cool the housing market and consumer debt - but have remained unchanged since August.

Recent data has indicated a slowdown in manufacturing and consumer spending, as well as in mortgage approvals. And retail sales disappointed over Christmas, with analysts putting the drop down to less consumer confidence.