The Bank of England held interest rates at 4.5% on Thursday and warned against assumptions that they would fall over its next few meetings, as policymakers grapple with deep uncertainty hanging over the British and world economies.

The Bank of England (BoE) has kept its interest rate unchanged at 4.5%, maintaining a “cautious” approach with intensified fears of global trade uncertainty. The central bank paused the rate cuts but left the possibility of future reductions open,