The Bank of England kept its main interest rate unchanged at 5% Thursday despite a big cut from the U.S. Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago.

The Bank of England has maintained its main interest rate at 5%, despite a significant cut from the US Federal Reserve. This decision reflects ongoing concerns about inflation, especially in the services sector.

The Federal Reserve announced an interest-rate cut of 50 basis points on Wednesday, the first in four years after aggressive inflation fighting.