The Bank of England has put interest rates on hold at 5.75% after it decided the risks of a sharp economic slowdown were not serious enough to warrant a cut.

The decision has been widely expected by economists.

Ian McCafferty, chief economist at the Confederation of British Industry, said: “The Bank must remain vigilant for economic slowdowns but unless the outlook for the global economy deteriorates or we see a weakening in consumer and business confidence, conditions are unlikely to justify a cut until the spring.”