Bank of England Prepares to Raise Interest Rates Amid Ongoing Iran Conflict

The Bank of England has decided to keep interest rates at 3.75% for the fifth successive time, but warned that it is prepared to hike them if the conflict in Iran continues.

According to the minutes from the latest meeting, six members of the Monetary Policy Committee (MPC) voted in favor of keeping the rate steady, while three called for an increase to 4%.

The majority of members felt that holding rates at 3.75% was sufficient protection against the risk that increased global energy prices will drive inflation higher later this year.