BoE Keeps Rates Steady as Energy Price Hike Looms

The Bank of England kept its policy rate at 3.75% by a 6-3 vote, according to ING.

The central bank signaled it is ready to raise borrowing costs should energy prices remain elevated.

The decision leaves the prospect of a November increase dependent on whether oil and natural gas prices decline.

The Bank now expects inflation to peak slightly above 4% early next year, which makes second-round effects statistically more likely.