The Bank of England’s monetary policy committee has made its decision on interest rates – and it’s no change.

The base rate remains 4.5% amid concern about UK inflation and international uncertainty over US President Donald Trump’s on-off tariff policies.

Accompanying today’s announcement the Bank of England has warned economic and global trade uncertainty has “intensified”.

US trade tariffs and retaliation to the import taxes from the likes of the EU, has created uncertainty for countries, the Bank says.

Governor Andrew Bailey says rate cuts are  “on a gradually declining path” because “there’s a lot of economic uncertainty at the moment.”

He adds: “We’ll be looking very closely at how the global and domestic economies are evolving.”

Inflation in the UK currently remains above the Bank’s 2% target at 3%.

Last evening the US central bank left interest rates unchanged for the second time in a row, while warning that economic uncertainty had increased.

The decision, which was widely expected, kept the Federal Reserve’s benchmark interest rate hovering around 4.3%, where it has stood since December.

Forecasts released by the US bank also showed policymakers expect weaker growth and faster price inflation this year than they did just a few months ago.