Bank's decision marks fifth consecutive hold of rates at current level
MPC members narrowly voted to raise interest rates by 25bps after inflation fell
Inflation has begun to ease
MPC meeting is taking place later this week
Interest rate rise was in line with Fed and ECB
Central bank hikes rates citing 'firmer than expected' inflationary pressures
Follows news the UK’s inflation rate dropped to 10.7% in November
From 23 November following 45% additional tax rate U-turn