Bank’s rate decision leaves frustrated Reeves praying for an August cut

Lower interest rates will be a lever for growth but the Middle East conflict and rising food prices will have troubled MPC

• Bank of England keeps interest rates on hold

• Bank of England warns of ‘elevated’ global uncertainty after leaving interest rates on hold – business live

Last week’s spending review revealed Rachel Reeves’s plan for reviving the UK’s struggling economy – but one of the most powerful levers for unleashing growth lies out of her reach, at the Bank of England.

Thursday’s no-change decision on interest rates from the Bank’s nine-member monetary policy committee (MPC) was widely expected; but the chancellor and her colleagues will be fervently hoping for a cut in August, perhaps sooner – and more before the year is up.