Bank of England Expected to Hold Interest Rates Amid Inflation Fears

According to economists, the Bank of England is expected to hold interest rates at 3.75% for the sixth time this year, despite concerns over inflation. The Monetary Policy Committee will meet on September 17, and while most expect a 'wait-and-see' approach, there is a warning that policymakers need to be ready to act if energy prices continue to surge.

Meanwhile, hundreds of hospitality businesses have written to Prime Minister Andy Burnham calling for a reduction in the VAT rate from 20% to 10%. The campaign, known as 'The VAT's The Problem', argues that this would help alleviate some of the economic pressures faced by the industry.