Bank of England Holds Interest Rates as Energy Price Fears Grow

The Bank of England is expected to keep interest rates unchanged at its upcoming meeting on September 17, but economists warn that policymakers need to be ready to act if energy prices continue to surge.

This would mark the sixth time in a row that the Monetary Policy Committee (MPC) has kept rates at 3.75%, having stayed the same since December.

Experts believe the MPC will favor a 'wait-and-see' approach, particularly regarding the Middle East conflict's impact on the UK economy.

However, three members of the nine-person MPC, Huw Pill, Megan Greene, and Catherine Mann, voted to hike rates to 4% at the last meeting, and economists expect them to do so again this time around.