BoE Holds Interest Rates Steady Amid Iran Oil Price Jitters

The Bank of England (BoE) has decided to keep interest rates at 3.75% as widely anticipated by markets.

This decision was made after a vote by the Monetary Policy Committee (MPC), with six members voting to hold rates on hold and three voting for an increase.

The BoE noted that inflation had fallen more than expected, but expects it to pick up again later this year due to energy price increases caused by the conflict in Iran.

In a statement, the BoE said they are 'monitoring the situation very closely' and will make sure inflation returns to target in the medium term.