Bank of England Holds Rates Amid Inflation Fears

The Bank of England's monetary policy committee (MPC) has voted to keep interest rates at 3.75%, but three members dissented, calling for a hike.

Renewed tensions in the Middle East have raised concerns about another inflation shock, with UK inflation expected to rise from its current rate of 2.6% to 3.2% in the autumn due to higher energy costs.

Catherine Mann, Megan Greene, and Huw Pill were the three dissenting members who voted for a rate increase, compared to a 7-2 split at the previous meeting.