There was no sign of relief for hard-pressed homeowners and borrowers today after the Bank of England kept interest rates on hold for the fifth month in a row.

The Bank's battle against soaring inflation saw it vote to leave rates at 5%, despite worsening prospects for the UK economy.

Growth stalled between April and June and the Organisation for Economic Co-operation and Development (OECD) said this week the UK would be the only major economy to fall into recession this year.

But the widely-expected decision by the Monetary Policy Committee (MPC) comes with inflation more than double its 2% target at 4.4% - and set to hit 5% in the coming months after the latest round of price hikes by the UK's "big six" energy firms.