Bank of England holds interest rates at 3.75% as inflation fears mount

Split vote comes as Iran war is rekindled and oil price climbs back above $90 a barrel Business live – latest updates The Bank of England has kept UK interest rates on hold as it warned that a further escalation in the Iran war could drive inflation above 4% next year, adding to cost-of-living pressures on households. Against a volatile backdrop in the Middle East conflict, the Bank’s monetary policy committee voted by six to three to keep its key base rate at the current level of 3.75%. Continue reading...