BOE Expected to Hold Rates Despite Surging Inflation

The Bank of England is expected to keep interest rates unchanged at 3.75% on Thursday, despite inflation in the UK reaching a five-month high.

This decision comes as fuel prices continue to rise due to the ongoing fallout from the Iran war.

Economists predict that a majority of the nine-member Monetary Policy Committee will vote to keep interest rates steady for the sixth consecutive meeting, citing a need for more evidence that higher inflation is feeding into underlying prices and wages.