The Bank of England (Bank of England) on Thursday decided to keep the rate of monetary policy at 5.25%, the highest level since 2008, and gave a signal that it is unlikely to reduce the interest rate in the near future, Reuters and BBC reported, cited by Agerpres.

Nine members of the Bank of England’s Monetary Policy Committee voted 6 to 3 to keep borrowing costs in line with analysts’ forecasts.

“We have made significant progress this year, and successive interest rate hikes have helped reduce inflation from over 10% in January to 4.6% in October. But we still have a long way to go. We will take the necessary decisions to return inflation to the Bank of England’s 2% target,” Bank Governor Andrew Bailey said.

The Bank of England said in a statement that interest rates would remain high to slow price rises. The British economy is stagnating, and some analysts are warning that it could go into recession in the coming months.

However, the Bank of England is concerned that wage rises are still too strong to bring inflation back to its 2% target, even as the UK economy stagnates.

The central bank’s decision in London came just a day after the Federal Reserve (Fed), the central bank in Washington, in turn left key interest rates unchanged.

But the Fed sent a strong signal about tapering next year, sending a wave of euphoria on Wall Street and fresh gains in capital markets.