BOE Set to Hold Interest Rates Amid Middle East Uncertainty

The Bank of England is expected to hold interest rates at 3.75% next week despite ongoing uncertainty in the Middle East.

Economists predict a seven-to-two vote among the Monetary Policy Committee (MPC) members, keeping the current rate unchanged.

This decision comes as inflation eases back to a 15-month low of 2.6% in June, thanks to a slowdown in food and fuel prices.

However, with oil prices surging above $100 per barrel due to tensions between US-Israeli and Iranian forces, some economists believe interest rates may need to rise in the future to control inflation, which is expected to swing back higher later this year.