UK rates set to stay on hold after more positive UK data

Further evidence has emerged to show that the British economy has held up better than anticipated since the country voted to leave the European Union.

The news cemented market expectations that the Bank of England will opt against cutting interest rates again later.

In a monthly survey published Thursday, financial information company Markit and the Chartered Institute of Procurement and Supply, found that the country's crucial services sector saw activity in October rising at its fastest clip since January. The main activity index rose to 54.5 from 52.6 the previous month. Anything above 50 indicates expansion.

However, as in an equivalent survey on the manufacturing sector published Tuesday, there are signs of growing inflationary pressures following the sharp fall in the pound since the June vote to leave the EU.