Bank of England Holds Base Rate at 3.75% Amid Inflation Concerns

The Bank of England has maintained its base rate at 3.75% despite growing inflationary concerns and pending hikes to energy prices.

The Monetary Policy Committee (MPC) voted by a majority of six-to-three to keep the cost of borrowing at 3.75%, with three members voting to increase it by 0.25 percentage points to 4%

Policymakers cited the 'protracted conflict' in the Middle East and recent hike in inflation to 3.1% as reasons for keeping rates steady

The Bank of England's decision follows a similar move by the US Federal Reserve, which raised its base rate to a range of 3.75% to 4%

Analysts predict around four hikes to interest rates over the next 12 months, returning borrowing costs to nearly five percent