Bank of England to Hold Rates Steady, Says UK Economic Think Tank

The National Institute of Economic and Social Research in the UK has released its latest economic outlook report, stating that despite significant upward pressure on prices, it is highly likely that the Bank of England will not initiate interest rate increases in the next 18 months.

This prediction comes as a relief to some market participants who had been expecting rate hikes due to inflation concerns. The UK's June inflation numbers are expected to be released soon, which could further impact the Bank of England's decision-making process.