The Bank of England held interest rates at 3.75% in its first decision under PM Andy Burnham as inflation sits at 2.6% and oil prices decline.

The Bank of England held interest rates at 3.75% in its first decision under PM Andy Burnham as inflation sits at 2.6% and oil prices decline.

Economists in the Shadow MPC said interest rates should be left at 3.75 per cent after results suggested inflation would not spiral.