Cutting interest rates can boost consumer spending by making borrowing cheaper - but the Bank is wary of stoking inflation.

The Bank of England held interest rates at 4.5% and warned against assumptions that they would be cut over its next few meetings as it grappled with deep uncertainty hanging over the British and world economies.

The Bank of England left interest rates unchanged on Thursday, keeping the central bank's benchmark rate at 4.5%. In a statement, the central bank said that its Monetary Policy Committee voted in favor of leaving rates unchanged with an 8-1 majority.