BoE Expected to Keep Rates Steady Amid Oil Price Uncertainty

The Bank of England is expected to keep interest rates steady on Thursday due to concerns about inflation and global economic uncertainty.

Despite recent spikes in oil prices, the BoE believes that current rates are sufficient to control inflation, which has been above its 2% target for most of the past five years.

The decision comes as a relief for new Prime Minister Andy Burnham, who has prioritized cost-of-living measures, including scrapping a tax on household electricity bills.