The bank held it at the current rate - It's good news if you're a saver but less so if you have a mortgage or loan.
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The bank held the current rate of 5.25%, the third time it has consecutively done so - it's the highest interest rate in 15 years.
This means if you're a saver then you'll reap the benefits from this announcement, receiving more interest on your savings from the banks.
But, if you have mortgages or loans, it means you'll probably end up paying more, as it will cost you more to borrow money.
Higher interest rates are a mechanism to try and control the recently high levels of inflation, as the higher costs to borrow money reduce overall consumer spending power - this leads to people spending less and slowing down economic activity, with the aim to then reduce inflation.
Though the effects of higher interest rates, when trying to reduce inflation, can often take up to two years to be felt.
The effects of slower economic activity could also lead to reduced economic opportunity for individuals and families, potential unemployment rises, and more hardship for businesses.
But there is light - money markets predict the interest rates will be reduced by a percentage point to 4.25pc by the end of 2024.