Bank of England Leaves Core Rate at 5.5%, for Now

The Bank of England left its core interest rate on hold at 5.5% Thursday, as widely expected by economists.

Most analysts surveyed by Reuters agreed that the Monetary Policy Committee will wait to see how the four quarter-point hikes since August affect the economy before raising borrowing costs again.

But the central bank's bias seems to remain towards tightening. A Reuters poll this week put the chances of rates hitting 5.75% this year at 80%, with A 30% chance that rates rise to 6%.

"The bank is concerned about the level of inflation being above the target, but it is coming back down towards the target and that's the key," Danny Gabay, director at Fathom Financial Consulting, to "Power Lunch Europe."