THE BANK of England was told to “get a grip” after announcing today that interest rates will remain at 5.25 per cent even though inflation hit the government’s 2 per cent target last month.

Governor Andrew Bailey said that policy-makers “need to be sure that inflation will stay low and that’s why we’ve decided to hold rates at 5.25 per cent for now.”

In response, Unite general secretary Sharon Graham said: “Once again, the Bank of England has failed to act in the interest of workers and hard-pressed families.