Bank of England Leaves Interest Rates at 3.75% Amid Rising Inflation

The Bank of England has kept interest rates unchanged at 3.75% for the sixth consecutive time, despite rising inflation in the UK linked to the war in the Middle East.

Three members of the bank's monetary policy committee voted to increase rates to 4%, but were outvoted by six others who chose to hold the rate steady.

The Bank acknowledged that interest rates may need to rise in the future, as inflation is currently running above its target rate of 2%.

The base rate has a significant impact on borrowing costs, including mortgages and loans. Many lenders have been increasing fixed mortgage rates in recent weeks, even though the Bank's base rate remains unchanged.