BOE Holds Rates Amid Energy Price Fears and Rising Inflation

The Bank of England held interest rates at 3.75% despite surging energy prices and rising UK inflation, citing concerns about the prolonged conflict in the Middle East.

The Monetary Policy Committee voted 6-3 against raising rates, with three members arguing for an immediate 25-basis-point increase.

Andrew Bailey, the Bank's governor, warned that higher global energy costs could push inflation to 4% by early next year and force a rate hike.