BOE Keeps Rates Steady Amid Hawkish Shift

The Bank of England kept interest rates unchanged at 3.75%, but with a hawkish shift in its vote split, three MPC members now voting for a rate hike.

This is up from two members in June, with Megan Greene arguing that inflation has remained above target for five years despite the recent moderation in UK CPI.

The Committee was united in its belief that inflation risks are skewed upwards due to energy price volatility, which could lead to a preemptive rate hike if prices continue to rise.