Bank of England is set to hold interest rates at a 15-year high despite worries about the economy

By PAN PYLAS
Associated Press

LONDON (AP) — The Bank of England is set to join its peers in the U.S. and Europe in keeping borrowing rates unchanged despite mounting worries over the state of the British economy. The central bank on Thursday is expected to keep its main interest rate at a 15-year high of 5.25%, where it has stood since August at the end of nearly two years of hikes. While the interest rate increases have helped in the battle against inflation, the squeeze on consumer spending, primarily through higher mortgage rates, has weighed on British economic growth.