BoE Keeps Rates on Hold as Economists Predict November Hike

The Bank of England has kept interest rates at 3.75 per cent, despite mounting pressure to hike rates after an uptick in inflation.

This is the sixth time in a row that the central bank's monetary policy committee (MPC) has kept rates on hold.

The vote was once again 6-3, signalling that several members believe a bump in rates is required to offset the rise in inflation, which has been largely driven by higher energy costs due to the Iran war.

Economists are forecasting the cost-of-living to rise further, with households facing another rise in their energy bills from next month - which could prompt the Bank to raise interest rates in the months ahead.